Fitch Withdraws Ratings of MGIC and Related Securities

Business Wire

posted: 25 DAYS 19 HOURS AGO

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Fitch Ratings has withdrawn the 'BB-' Insurer Financial Strength (IFS) rating of Mortgage Guaranty Investment Corp. (MGIC) and the 'B-' long-term issuer rating of its parent company MGIC Investment Corp. (MGIC IC). In addition, the ratings of MGIC IC's senior notes and convertible junior subordinated debentures have also been withdrawn.

Fitch has withdrawn the following ratings:

Mortgage Guaranty Insurance Corp.

--IFS 'BB-'; Outlook Negative.

MGIC Investment Corp.

--Long-term Issuer rating 'B-'; Outlook Negative.

--$200 million 5.625% senior notes due Sept. 15, 2011 'B-';

--$300 million 5.375% senior notes due Nov. 1, 2015 'B-'.

--$390 million 9% convertible junior subordinated debentures due 2063 'C'.

Applicable criteria available on Fitch's website at www.fitchratings.com:

--'Insurance Rating Methodology' (Dec. 29, 2009);

--'Rating Guidelines for U.S. Private Mortgage Insurers', (Nov. 19, 2008).

Additional information is available at www.fitchratings.com.

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