Moody's downgrades Radian

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

The outlook is negative.

The Caa1 rating reflects Moody's conventional four-notch differential between the insurance financial strength rating of a non-investment-grade main insurance subsidiary and the debt rating of the holding company. Also, the agency said that while Radian appears to have sufficient holding company liquidity to repay debt service obligations through 2011 without reliance on operating company dividends, the company is also faced with a sizeable debt refinancing in 2013.

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