WINSTON-SALEM, N.C., Aug. 30 /PRNewswire-FirstCall/ -- Triad Guaranty
Inc. (Nasdaq: TGIC), announced today that Fitch Ratings (Fitch), consistent
with its revision of its capital model for U.S. mortgage insurance
companies, has changed the financial strength rating for Triad Guaranty
Ins. from AA to AA-. Fitch noted that this change is the result of
revisions made to its capital model of U.S. mortgage insurance companies.
Fitch changed the long-term issuer and senior debt ratings of Triad
Guaranty Inc. from A+ to A-. This revision reflects the change in the
financial strength rating of Triad Guaranty Insurance Corporation and is
consistent with the normal three notch difference between a holding company
and an operating subsidiary. The outlook for both ratings is Stable.
Mark K. Tonnesen, President and CEO of Triad Guaranty Inc. said, "These
changes by Fitch were primarily driven by a change in their methodology and
capital model for the U.S. mortgage insurance industry. Fitch indicated in
its press release that the 'ratings incorporate the company's solid balance
sheet fundamentals and the strong credit quality of the company's insured
portfolio.' The company's total assets at June 30, 2007 were $960.3 million
with $594.6 million of shareholders' equity. We believe that this confirms
our position as a strong mortgage insurance company able to continue to
service the needs of our customers and help fulfill our purpose of
providing capital support to the mortgage industry." Triad currently
maintains insurer financial strength ratings of AA from Standard & Poor's
and Aa3 from Moody's.
Triad Guaranty Inc.'s wholly owned subsidiaries, Triad Guaranty
Insurance Corporation and Triad Guaranty Canada are mortgage insurers
providing credit enhancement solutions to their lender customers and the
capital markets. This allows buyers to achieve homeownership sooner,
facilitates the sale of mortgage loans in the secondary market and protects
lenders from credit default-related expenses. For more information, please
visit the company's web site at http://www.triadguaranty.com
This document contains forward-looking statements which involve various
risks and uncertainties. Actual results may differ from those set forth in
the forward-looking statements. Attention is directed to the discussion of
risk and uncertainties as part of the Safe Harbor statement under the
Private Securities Litigation Reform Act of 1995 contained in the Company's
most recent annual report, Form 10-K and other reports filed with the
Securities and Exchange Commission.
SOURCE Triad Guaranty Inc.
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Related links:
http://www.triadguaranty.com
CONTACT:
Ken Jones, Senior Vice President and Chief
Financial Officer, Triad Guaranty Insurance Corporation,
+1-336-723-1282 ext. 1105, jones@tgic.com
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