Moody's lifts Radian debt

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

The outlook is positive.

The upgrade as prompted by Radian Group's recently announced public offering and pricing of $450 million of senior convertible notes, Moody's said.

Radian intends to use the proceeds from this offering to fund working capital requirements and for general corporate purposes, which may include the repayment of $160 million of debt coming due in 2011 and $250 million of debt maturing in 2013.

The rating reflects continued improvement in Radian's business prospects, bolstered by the recent notes issuance, in an attractive new insurance market, Moody's said.

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