Only Now Moody's Downgrades Ambac to Below Investment Grade?

I understand Moody's ratings don't necessarily apply directly to equity, BUT this does tell the story rather well...

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And now... a full year too late The Bond Tangent details:

According to Marketwatch, Moody's cut Ambac to Ba3 from Baa1. Ambac senior debt was cut to Caa1 (highly speculative). Moody's cites significantly increased loss estimates, especially on Alt-A transactions.

One question at this point... why bother at this point?