Bond Buyer writes "​Fitch Downgrades Ambac to AA". The article quotes one [​unidentified] analyst, "The floating rate market is having a full blown meltdown right now. There is over $​200 billion floating rate, puttable bonds that are insured by companies other than FSA and the money funds are dumping them off." We'​ve heard a different tale from funds though, who say there is no wholesale put-​back and that many funds are renegotiating TOB terms.

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