NEW YORK, Wednesday, November 10, 2010—The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event has occurred in respect of Ambac Financial Group, Inc., a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world.

An auction will be held for Ambac Financial Group. An auction was held on June 4, 2010 in respect of Ambac Assurance Corporation.

ISDA will publish the auction terms on its website www.isda.org/credit in due course. The auction will be administered by Markit and Creditex.

About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 830 member institutions from 59 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities.  Information about ISDA and its activities is available on the Association’s web site: www.isda.org.

ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.