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.
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