Moody's cuts Radian

Moody's Investors Service said it downgraded Radian Group's senior debt rating to Caa1 from B3.

The rating also was placed on review for further downgrade.

The downgrade reflects continued stress in the mortgage insurance business and the resulting credit pressures on the group's holding company and financial guaranty subsidiary, Moody's said.

The downgrade also considers Radian's constrained holding company liquidity and the potential for additional contribution of holding company resources to support its mortgage-insurance business, the agency said.

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