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S&P upgrades Radian
Standard & Poor's said it raised its financial strength and long-term counterparty credit ratings on Radian Guaranty Inc., Radian Mortgage Assurance Inc. and Radian Mortgage Insurance Inc. to BB+ from BB.
The agency also raised its long-term counterparty credit rating on Radian Group Inc. to B+ from B and withdrew its rating on Radian Mortgage Assurance.
The outlook is positive.
"The company's capitalization continues to strengthen and we expect its prospective capitalization to be upper-adequate over the next two years," S&P credit analyst Hardeep Manku said in a news release.
As a result of improving capitalization due to earnings accumulation and the company's plan to downstream about $320 million, the agency expects the mortgage insurance operations to be in compliance with the Private Mortgage Insurer Eligibility Requirements (PMIERs), which should help assuage market concerns and support the company's competitive position.
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