Ambac Financial Comments On Recent Concerns And Events In Puerto Rico

(RTTNews) - Ambac Financial Group, Inc. (AMBC) commented on recent concerns and events in Puerto Rico.

Responding to recent comments from Puerto Rico officials, Nader Tavakoli, Interim President and Chief Executive Officer, said that the company continues to believe the Commonwealth is far better served by meeting its obligations rather than considering any default scenarios. Team of professionals in New York, Puerto Rico and Washington are actively engaged in the situation.

Tavakoli said that the company will not tolerate any actions that could impair its interests and Ambac Assurance is ready to fully exercise all of its rights and remedies, if needed. If it were to become necessary, the company is confident in its ability to pay timely principal and interest.

Ambac Assurance confirms that all July 1, 2015 payments due on its insured Puerto Rico bonds have been paid in full by the relevant issuer. Ambac did not receive any claims from policyholders for non-payment of interest or principal on any outstanding debt issued by the Commonwealth.

As of March 31, 2015, Ambac had $5.8 billion of Total Claims-Paying Resources), including its wholly-owned subsidiary Ambac Assurance UK Limited. Total Claims-Paying resources are net of Ambac's statutory subrogation recoveries including $2.3 billion of estimated representation and warranty subrogation recoveries.