Ambac shares jump as S&P removes it from negative credit watch

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NEW YORK (AP) -- Shares of Ambac Financial Group Inc. rose sharply Friday morning after ratings agency Standard & Poor's took the bond insurer off a negative credit watch. Ambac's critical financial strength rating was cut earlier this year by S&P to "AA" from "AAA," the highest rating available. Maintaining strong financial strength ratings is important for bonds insurers ability to generate new business.