Fitch Ratings said it has placed the ratings of mortgage insurer MGIC Investment Corp. and its subsidiaries Mortgage Guaranty Insurance Corp., and MGIC Australia Pty Ltd. back on Rating Watch Negative after MGIC said it was deferring interest payments on its subordinated debenture bonds.
In October 2008 when Fitch reduced MGIC's financial strength rating to A minus from A plus, it gave the company a negative outlook and took MGIC off Rating Watch Negative.
MGIC said it would defer interest payments on its $390 million convertible junior subordinated debentures due 2063.
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