Ambac Financial Group Inc. and MBIA Inc., though unlikely to get direct government investment, may be able to use the Treasury's Troubled Asset Relief Program to liquidate bonds backing securities guaranteed by the companies, according to Royal Bank of Scotland PLC analyst Michael Cox.

"I think a bailout at this stage is unlikely," Mr. Cox, who is based in London, wrote in a research note published Thursday. "The monolines may benefit from TARP in other ways, though."

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