S&P lowers MGIC subordinated debt to C

Standard & Poor's said it lowered the rating on MGIC Investment Corp.'s 9% convertible junior subordinated debentures to C from CC.

The ratings on MGIC Investment, Mortgage Guaranty Insurance Corp., its other operating companies and the outstanding 2015 and 2017 debentures are unaffected by the downgrade.

The agency also said it assigned a C rating to subordinated debt instrument obligations on which cash payments have been suspended in accordance with the instrument's terms.

MGIC Investment has a counterparty credit rating of CCC with a negative outlook.

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