Triad Among MIs To Get Downgraded
The president and chief executive of Triad Guaranty Inc., Winston-Salem, N.C., Mark Tonnesen, said "it is unfortunate that concerns regarding the mortgage and housing industries and their effect on near-term performance has prompted" a one-notch downgrade by Standard & Poor's on three ratings of the parent company and its mortgage insurance subsidiary. This rating action was one of a number S&P took towards mortgage insurers, including downgrading MGIC ratings one notch and affirming the ratings three other firms.
The counterparty credit rating on Triad Guaranty Inc. was cut from "A" to "A minus." The counterparty credit and financial strength ratings were cut from "AA" to "AA minus."
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