Standard & Poor’s yesterday downgraded to BB from BBB-minus the financial strength, financial enhancement, and corporate credit ratings of bond insurer Radian Asset Assurance Inc. Radian will remain on negative watch.

Standard and Poor’s, which last downgraded Radian Asset Assurance by two notches in early April, said in a press release that the New York-based monoline “has significant exposure to several asset classes that have experienced deterioration and higher capital charges and that could result in losses.” The rating agency noted the insurer is being run off by its parent company, Radian Guaranty Inc.

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