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S&P Downgrades MGIC Investment's Ratings
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NEW YORK (AP) — Standard & Poor's downgraded credit and debt ratings of MGIC Investment Corp. on Friday after the company announced it was deferring interest on a debt offering.
MGIC Investment's counterparty credit rating was lowered to "CCC" from "BB+", and its preferred convertible debt rating was downgraded to "C'' from "B+", Standard & Poor's Ratings Service said.
The outlook is negative for these ratings, which have been removed from CreditWatch, where they had been placed with "negative implications" in December. ...
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