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Moody's slashes Ambac, MBIA ratings

Securities wrapped by Ambac and MBIA also suffer

Moody's has downgraded monoline insurers Ambac and MBIA. The move, which was widely expected, sees the insurance financial strength rating of Ambac drop three notches, from Aaa to Aa3, while MBIA's rating tumbles five notches, from Aaa to A2. The rating action echoes a similar move by Standard & Poor's, which downgraded both agencies two notches to AA. As a result of the downgrades, any Moody's

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