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Fitch rates Radian notes A
Fitch Ratings said it assigned an A rating to Radian Group Inc.'s $250 million senior notes due 2015.
The outlook is stable.
Radian expects to use $219 million of the proceeds to redeem all of its outstanding 2.25% senior convertible debentures due 2022 and the reminder for general corporate purposes.
Fitch said the rating reflects Radian's strong competitive positioning within the private mortgage insurance marketplace, business diversification, moderate financial leverage and strong fixed charge coverage. Pro forma debt-to-total capital is expected to increase modestly to 17.8% following the retirement of the $219 million convertible debentures.
Fitch currently rates Radian Group Inc.'s existing $220 million 2.25% senior convertible debentures due 2022 at A, the $250 million 5.625% senior notes due 2011 at A and the $250 million 7.75% debentures due 2011 at A, all with a stable outlook.
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