SAN FRANCISCO — When ­Wisconsin’s insurance regulator divided Ambac Assurance Corp.’s insurance portfolio into good and bad policies last week, municipal bonds issued for the bankrupt Las Vegas Monorail were the only muni debt placed into the Ambac rehabilitation account, which consists largely of the toxic mortgage-related securities that brought the company to its knees.

Ambac wrapped $451 million of tax-exempt monorail first-tier revenue bonds in 2000, issued by the Nevada Department of Business and Industry to finance construction of the four-mile long Las Vegas Monorail.

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