Moody’s Takes the Axe to Ambac, Again 

Those with a memory for the current credit crisis may recall the brouhaha caused by downgrades to monoline bond insurers a few months back. Moody’s Investors Service reminded markets on Wednesday evening that the monoline crisis hasn’t yet passed, downgrading Ambac Financial Group, Inc. [stock ABK][/stock] and core insurer financial strength ratings of its financial guaranty subsidiaries after the company posted a $2.4 billion Q3 loss earlier in the day.