MGIC Investment Corporation announced that Moody's Ratings upgraded its senior unsecured debt rating to Baa2 from Baa3. Concurrently, Moody's also upgraded the insurance financial strength rating of MGIC's principal operating subsidiary, Mortgage Guaranty Insurance Corporation, to A2 from A3. The outlook for both ratings is stable, indicating a positive long-term view.
Moody's rationale for these upgrades included MGIC Investment Corporation's consistent performance, strong net capital generation, and robust profitability and capital adequacy. These factors demonstrate the company's solid financial foundation and effective risk management strategies. The upgrades reflect an improved assessment of the company's ability to meet its financial obligations.
Tim Mattke, CEO of MTG and MGIC, expressed satisfaction with the upgrades, stating that they reflect the company's position as a market leader and its disciplined, balanced approach. He emphasized that the solid foundation, financial strength, and capital flexibility position the company well to continue executing its business strategies and creating long-term value for stakeholders.
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