Moody's slashes Ambac, MBIA ratings

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 two weeks ago downgraded both agencies two notches from AAA to AA.

As a result of the downgrades, any Moody's-rated securities that are guaranteed or "wrapped" by Ambac and MBIA are also

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