Ambac (NASDAQ: AMBC) reported Q1 EPS of ($5.75), $5.22 worse than the analyst estimate of ($0.53).

Claude LeBlanc, President and Chief Executive Officer, stated, “Our results for the first quarter of 2020 primarily reflect the sharp decline in interest rates and increase in financial market volatility stemming from the COVID-19 pandemic and resulting global recession. The depth and duration of this pandemic is unknown and we have exposure to certain sectors that have been, and will continue to be, adversely impacted by the economic dislocation caused by COVID-19. We are actively assessing both macro and idiosyncratic developments related to our insured portfolio and working to mitigate the overall financial impact on both our insured and investment portfolios. Our thoughts are with those who have been directly impacted by the COVID-19 pandemic and we extend our appreciation to those on the front lines working hard to combat this virus. With the health and well-being of our staff being of utmost priority, all Ambac employees are working remotely, and our operations continue uninterrupted."

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