Radian Group shares slide on S&P’s ratings downgrade
Shares of Radian Group Inc. (NYSE:RDN) are veering lower today after the provider of credit-related insurance coverage said this morning that Standard & Poor lowered its ratings on the Philadelphia, Pa.-based firm to 'BBB' from 'A-' and on its mortgage insurance subsidiary, Radian Guaranty, to 'A' from 'AA-.' Radian noted that S&P also announced credit rating changes with regard to several other companies in the mortgage insurance sector.
Shares skidded 11.7%, or $0.69, to $5.19 at 2:59 p.m. ET. For detailed price information and recent news stories about Radian Group, click RDN.
