Moody's rates Radian unit

Moody's Investors Service said it assigned an Aa3 insurance financial strength rating to Radian Asset Assurance Inc. and downgraded to Aa3 from Aa2 the insurance financial strength rating of Radian Reinsurance Inc.

The rating agency also affirmed the other ratings of the Radian Group.

The rating actions reflect Moody's view of the risks of Radian Group's financial guaranty business given its distinct and relatively untested Aa primary financial guaranty strategy and the recent termination of a large reinsurance relationship. This concludes a review for downgrade of Radian Re started in December 2003.

The outlooks are stable.

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