S&P ups MGIC units from junk

Standard & Poor’s said it raised its financial strength and long-term counterparty credit ratings on MGIC Investment Corp.’s core operating subsidiaries to BBB from BB+. At the same time, S&P raised its unsolicited senior unsecured debt issue and counterparty credit rating on MGIC Investment Corp. to BB and the junior subordinated debt rating to B+.

The outlook is stable.

The upgrade of MGIC Investment Corp. and its core operating subsidiaries Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp. (collectively MGIC) reflects the company’s continued improvement in operating performance, directly affecting its statutory capitalization and generally accepted accounting principles financial flexibility metrics, such as financial and debt leverage and EBITDA fixed-charge coverage, S&P said in a news release.

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