WINSTON-SALEM, N.C., Nov. 21 /PRNewswire-FirstCall/ -- Triad Guaranty
Inc. (Nasdaq: TGIC) had the following comment in response to S&P's decision
to change the counterparty credit and financial strength rating for its
subsidiary, Triad Guaranty Insurance Corporation, from 'AA' to 'AA-', and
its counterparty credit rating on Triad Guaranty Inc., the holding company,
from 'A' to 'A-'. The outlook is 'Stable'.
Mark K. Tonnesen, President and CEO of Triad Guaranty Inc. said, "It is
unfortunate that concerns regarding the mortgage and housing industries and
their effect on near-term performance has prompted an S&P downgrade. We
believe that the S&P comments regarding our capital strength and prospects
for the future are particularly important in these uncertain times.
Insuring mortgages is a cyclical business. Mortgage insurance is purchased
in order for us to provide a first line of defense in times such as these.
We are proud to provide that support now as the industry faces its current
challenges."
Triad Guaranty Inc.'s wholly owned subsidiaries, Triad Guaranty
Insurance Corporation and Triad Guaranty Insurance Corporation 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
SOURCE Triad Guaranty Inc.
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Related links:
http://www.triadguaranty.com
CONTACT:
Ken Jones, Senior Vice President and CFO,
Triad Guaranty Insurance Corporation, +1-336-723-1282 ext. 1105
or kjones@tgic.com
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