SEC Issues Clarification on Investor Notification Requirement for Fitch's Downgrade of Ambac Assurance Corp.
8 February 2008
Mayer Brown Legal Update
8 February 2008 - On February 6, 2008, the Securities and Exchange Commission (SEC) issued a clarification of an informal statement it sent to the National Association of Bond Lawyers (NABL) on January 18, 2008. This prior informal statement said issuers did not need to file material event notices notifying investors of Fitch Ratings' downgrade of Ambac Assurance Corp. to double-A from triple-A.