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Fitch Places MGIC Ratings On Negative Watch

Stock quotes in this article: MTG  

NEW YORK (AP) — Credit-ratings agency Fitch Ratings on Thursday placed the ratings of mortgage insurer MGIC Investment Corp. and its operating subsidiaries on a negative watch.

MGIC Investment currently carries a "BBB-" rating, the lowest that is considered investment grade. A downgrade to junk status could further hinder the insurer's ability to generate new business.

Fitch placed the negative watch on MGIC Investment, after it said it would defer interest payments on $390 million in junior subordinated debt. The deferral is further indication of the increasing financial pressure on the company and the mortgage-insurance sector as a whole, Fitch said in a statement. ...

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