California Attorney General Jerry Brown of has opened an investigation into the credit rating agencies over their rating of municipal bonds issued by California and its related issuers, Ambac Financial Group Inc. last night said in a quarterly report filed with the Securities and Exchange Commission.

A letter sent by the attorney general’s office dated Oct. 27, 2008 requests Ambac “preserve a range of potentially relevant evidence in anticipation of a subpoena to Ambac.”

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