Seven Hills Foundation takes hit with Radian downgrade
Worcester-based nonprofit Seven Hills Foundation is one of 966 companies and municipalities impacted by the Radian Group Inc. of Philadelphia’s recent rating downgrade by Fitch Ratings of New York.
The long-term debt ratings of the Radian Group were downgraded to A- from A and the insurer financial strength ratings of all Radian's mortgage insurance subsidiaries fell to AA- from AA following an announcement that Radian and MGIC Investment Corp. were terminating a pending merger agreement.
The downgrade affected Seven Hills' 2005 revenue bonds series. The rating on the bonds insured by Radian fell to A+ from AA. The bond rating of Seven Hills is not affected by the change, and stands at BBB-, according to Standard & Poor’s, while its outlook has changed to “positive” from “stable.”
Radian has filed a petition with Fitch Ratings to immediately withdraw all of Fitch's ratings on the company and its insurance subsidiaries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments