S&P gives Radian convertibles CCC+

Standard & Poor's said it assigned its CCC+ senior debt rating to Radian Group Inc.'s issuance of $450 million of senior convertible notes due in Nov. 2017.

The ratings on Radian Group are based on its mortgage insurance operating companies, the agency said, adding that the three-notch difference between the operating-company and holding-company ratings primarily reflects the holding company's dependence on dividends from the operating companies and the regulatory control that defines the operating companies' dividend-paying capacity.

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