NEW YORK, November 29, 2010 --Ambac Financial Group, Inc.(Ambac) today requested that Standard and Poor’s Ratings Services (“S&P”) withdraw its ratings of Ambac Financial Group, Inc., Ambac Assurance Corporation and Everspan Financial Guarantee Corporation. The ratings of Ambac UK, Ltd. were previously withdrawn by S&P.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). The Company will continue to operate in the ordinary course of business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.  Ambac Financial Group, Inc.’s common stock trades in the over-the-counter market under ticker symbol ABKFQ.

Ambac's principal operating subsidiary, Ambac Assurance Corporation, a guarantor of public finance and structured finance obligations, has a Caa2 rating from Moody's Investors Service, Inc.

Investor Contact: Peter Poillon
(212) 208-3222
ppoillon@ambac.com