Bond insurer Ambac Financial Group, which is struggling to maintain its top credit rating, reported a quarterly loss on Tuesday of $3.3 billion, adding that it is looking for strategic alternatives.

Ambac reported a fourth quarter loss of $3.26 billion, or $31.85 per share on write-downs of $5.2 billion in credit derivatives connected to assets partially related to mortgages.

Ambac has recently instituted changes at the company including replacing its chief executive, cutting its dividend and canceling a proposed effort to raise $1 billion in capital to shore up its finances.

On Monday, Fitch Ratings cut the AAA credit rating of some of the company's units to AA, raising concern among investors that the company could continue to attract clients.

In a conference call on Monday, Ambac's temporary Chief Executive Michael Callen said he was looking for other ways to raise capital, including talks with credible parties and pools of capital.

Ambac shares closed up 27.7 percent, or $1.72 to $7.92.