MGIC's Junior Subordinated Debt Is Lowered One Level

MGIC Investment Corp. (MTG), the mortgage insurer that deferred an interest payment due on its junior subordinated debt that was scheduled for next month, had the credit rating of those debentures lowered by Standard & Poor’s.

MGIC’s 9 percent convertible junior subordinated debentures were lowered to C from CC, S&P said today in a statement about the Milwaukee, Wisconsin-based mortgage insurer.

To contact the reporter on this story: Noah Buhayar in New York at

To contact the editor responsible for this story: Dan Kraut at

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