S&P: MGIC convertibles on positive watch

Standard & Poor's said it placed its C unsolicited rating on MGIC Investment Corp.'s convertible junior subordinated debt on Creditwatch with positive implications.

The ratings on the company's other issuances and on its operating companies are unchanged, the agency said, noting that it had lowered its rating on this issue to C after MGIC announced it had opted to defer the interest payment that was scheduled for April 1, 2009.

The company also deferred subsequent interest payments that were scheduled to be paid on Oct. 1, 2009, and April 1, the agency said.

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