Rating Recaps: Radian, United Fire

September 5, 2007

Standard & Poor’s Ratings Services announced that its ‘A’ counterparty credit rating on Radian Group Inc. and its ‘AA’ counterparty credit and financial strength ratings on Radian’s mortgage insurance subsidiaries (Radian MI) “remain on CreditWatch with negative implications following the company’s announcement that its merger agreement with MGIC Investment Corp. has been terminated.” S&P noted that it had “placed the ratings on CreditWatch on Aug. 7, 2007, after MGIC announced it was not obligated to merge with Radian. The implications were negative to reflect Radian MI’s weak operating results for the second quarter of 2007.”

Standard & Poor’s Ratings Services has affirmed its ‘A-‘ counterparty credit and financial strength ratings on United Fire & Casualty Co. and its wholly owned subsidiaries (collectively, United Fire). The outlook remains stable. S&P then announced that it has withdrawn the ratings at the request of United Fire’s management, and no longer surveys the Company.

Was this article valuable?

Here are more articles you may enjoy.