The slogan dates back to the late 1960's when the USA went through a period of wanting light coloured and light flavoured blended whiskies [pre single malt sales]. The best examples of these are J&B, Dewars and Cutty Sark, all who lightened their blend in colour and flavour, Ambassador was in the same style of light whisky and coined the phrase "at it's lightest". It must have worked as it became the No 4 or 5 best selling blend back then.
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