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S&P ups MGIC convertibles
Standard & Poor's said it raised its subordinated debt rating on MGIC Investment Corp.'s 9% convertible junior subordinated debentures due in 2063 to CCC- from C.
The issuer ratings on MGIC Investment, Mortgage Guaranty Insurance Corp., its other operating companies, and the ratings on outstanding 2015, 2017 and 2020 debentures are unaffected by this rating action, S&P said.
On March 14, MGIC sent notice to the holders of the debentures that it terminated the optional deferral of interest on the junior subordinated debentures that was scheduled to be paid on Oct. 1, 2012. On April 1, MGIC paid the deferred interest, including compounded interest, and the regularly scheduled interest payment on the debentures.
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