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S&P upgrades MGIC
Standard & Poor's said it raised its insurer financial strength ratings on Mortgage Guaranty Insurance Corp. and its subsidiary MGIC Indemnity Co. to B from B-.
At the same time, S&P raised its unsolicited rating on MGIC's parent company MGIC Investment Corp. to B- from CCC+.
The outlook is stable.
MGIC Investment Corp. announced a plan to issue 135 million shares of common equity and $450 million of senior convertible notes due in 2020. If the 15% share and $50 million note overallotments are fully exercised, the combined offering will provide more than $1.2 billion in additional capital to the company, the agency said.
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