Standard & Poor's Tuesday night cut to junk status the counterparty credit rating of Radian Group Inc., parent of bond insurer Radian Asset Assurance Inc., citing a more negative view of the mortgage insurance industry.

Radian Group has had its rating lowered to BB-plus from BBB, while its mortgage insurer subsidiary, Radian Guaranty Inc., had its insurer financial strength lowered to BBB-plus from A. Standard & Poor's took both ratings off CreditWatch negative and gave them negative outlooks. Standard & Poor’s also downgraded Radian Asset Assurance to BBB-plus with a negative outlook from A on a negative watch.

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