The Massachusetts Turnpike Authority could face an estimated $268 million termination payment to UBS Securities LLC on five swaps after Standard & Poor's yesterday downgraded Ambac Assurance Corp., which insures the derivatives, to BBB from A.

At the same time, Massachusetts Transportation Secretary James Aloisi postponed to Monday a MassPike board meeting set for today, citing the administration's need to evaluate a transportation reform bill that the legislature passed last week.

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