Citing changes to its mortgage insurance capital model, Fitch Ratings has downgraded the long-term issuer and senior debt ratings of Triad Guaranty Inc. from AA to AA-minus and the insurer financial strength ratings of Triad Guaranty Insurance Corp. from A-plus to A-minus.Fitch recently enhanced its proprietary mortgage insurance capital model in light of the changing U.S. mortgage environment and corresponding changes to Fitch's residential mortgage-backed securities model. "Among the most significant changes to Fitch's MI model were a 20% increase to the frequency-of-foreclosure factors and an increase in the capital charge for illiquid assets to 100%," the rating agency said. Before the revisions, Fitch "believed Triad historically operated with sufficient capital to support the AA rating," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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