MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it removed Radian Group Inc and its mortgage insurance subsidiary, Radian MI, from negative watch and affirmed its 'A' counterparty credit rating on Radian Group with negative outlook.
At the same time, S&P affirmed its 'AA' counterparty credit and financial strength ratings on all the mortgage insurance companies.
'The affirmation reflects Radian MI's excellent capitalisation and Radian's very strong liquidity, which will enable the company to weather a very difficult period in the mortgage insurance industry,' S&P said.
S&P said it views Radian MI's competitive position as very strong, adding changes in long-term fundamentals will enable Radian MI's core business to generate underwriting profits in 2009. TFN.newsdesk@thomson.com npr/ssa COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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