Radian Asset Assurance Limited Assigned Aa3 Rating from Moody's
16 Novembre 2006 - 9:55PM
PR Newswire (US)
LONDON, Nov. 16 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE:RDN), a global credit risk management company, today
announced that Moody's Investors Service has assigned a Aa3
insurance financial strength rating to Radian Asset Assurance
Limited, one of the company's financial guaranty subsidiaries. This
rating helps Radian continue to build its structured products
business in the United Kingdom and Europe. "Radian has established
itself as a strong and creative provider of sophisticated
structured finance solutions," said Jack Praschnik, Head of Global
Structured Products and Managing Director of Radian Financial
Guaranty Europe. "Our Moody's rating is yet another step in
extending these products to clients across the globe, and in
expanding our business outside the U.S." In its report, Moody's
noted that the rating is based on the strong support of the parent
company as well as the strategic importance for Radian to expand
its business in the growing European financial guaranty markets.
Radian reported a market capitalization of $4.8 billion and
consolidated assets of $7.7 billion as of September 30, 2006.
Radian Asset Assurance Limited received its authorisation from the
Financial Services Authority (FSA) in August 2003 to underwrite
financial guaranty insurance and reinsurance in the United Kingdom
and to expand into other European markets using the European
passport system. The company is rated AA by Standard & Poor's
and Fitch Ratings. About Radian Group Inc. Radian Group Inc. is a
global credit risk management company headquartered in Philadelphia
with significant operations in both New York and London. Radian
develops innovative financial solutions by applying its core
mortgage credit risk expertise and structured finance capabilities
to the credit enhancement needs of the capital markets worldwide,
primarily through credit insurance products. The company also
provides credit enhancement for public finance and other corporate
and consumer assets on both a direct and reinsurance basis and
holds strategic interests in active credit-based consumer asset
businesses. Additional information may be found at
http://www.radian.biz/. All statements made in this news release
that address events or developments that we expect or anticipate
may occur in the future are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the U.S. Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of management's current views and assumptions with
respect to future events. The forward-looking statements, as well
as Radian's prospects as a whole, are subject to risks and
uncertainties, including the following: changes in general
financial and political conditions such as extended national or
regional economic recessions (or expansions), changes in housing
values, population trends and changes in household formation
patterns, changes in unemployment rates, and changes or volatility
in interest rates; changes in investor perception of the strength
of private mortgage insurers or financial guaranty providers, and
risks faced by the businesses, municipalities or pools of assets
covered by Radian's insurance; the loss of a customer with whom
Radian has a concentration of its insurance in force; increased
severity or frequency of losses associated with certain Radian
products that are riskier than traditional mortgage insurance and
municipal guaranty insurance policies; material changes in
persistency rates of Radian's mortgage insurance policies;
downgrades of Radian's credit ratings or the insurance
financial-strength ratings assigned by the major ratings agencies
to Radian's operating subsidiaries; heightened competition from
other insurance providers and from alternative products to private
mortgage insurance and financial guaranty insurance; changes in the
charters or business practices of Fannie Mae and Freddie Mac; the
application of federal or state consumer-lending, insurance and
other applicable laws and regulations, or unfavorable changes in
these laws and regulations or the way they are interpreted,
including: (i) the possibility of private lawsuits or
investigations by state insurance departments and state attorneys
general alleging that services offered by the mortgage insurance
industry, such as captive reinsurance, pool insurance and contract
underwriting, are violative of the Real Estate Settlement
Procedures Act and/or similar state regulations (particularly in
light of public reports that some state insurance departments are
investigating captive reinsurance arrangements used in the mortgage
insurance industry), or (ii) legislative and regulatory changes
affecting demand for private mortgage insurance or financial
guaranty insurance; the possibility that we may fail to estimate
accurately the likelihood, magnitude and timing of losses in
connection with establishing loss reserves for our mortgage
insurance or financial guaranty businesses or to estimate
accurately the fair value amounts of derivative financial guaranty
contracts in determining gains and losses on these contracts;
changes in accounting guidance from the SEC or the Financial
Accounting Standards Board regarding income recognition and the
treatment of loss reserves in the mortgage insurance or financial
guaranty industries; changes in claims against mortgage insurance
products resulting from the aging of Radian's mortgage insurance
policies; vulnerability to the performance of Radian's strategic
investments; changes in the availability of affordable or adequate
reinsurance for our non-prime risk; and international expansion of
our mortgage insurance and financial guaranty businesses into new
markets and risks associated with our international business
activities. For more information regarding these risks and
uncertainties, as well as certain additional risks that we face,
investors should refer to the risk factors detailed in Part I, Item
1A in our annual report on Form 10-K for the year ended December
31, 2005. We caution you not to place undue reliance on these
forward-looking statements, which are current only as of the date
of this news release. Radian does not intend to and disclaims any
duty or obligation to update or revise any forward-looking
statements made in this news release to reflect new information,
future events or for any other reason. DATASOURCE: Radian Group
Inc. CONTACT: For investors: Mona Zeehandelaar, +1-215-231-1674,
email: ; For the media: Corporate Communications, +1-215-231-1990,
email: , both of Radian Group Web Site: http://www.radian.biz/
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