Standard & Poor's lowered the financial strength rating of MGIC Investment Corp. and three other mortgage insurers yesterday, citing weaker than expected fourth-quarter results.

MGIC was dropped from "double-A-minus" to "A." In addition, Old Republic International Corp. was lowered from "double-A" to "double-A-minus; PMI Group Inc. was cut from "double-A" to "A-minus"; and Radian Group Inc. went from "double-A-minus" to "A."

The outlook is negative on MGIC, Old Republic and PMI. Radian remains on Credit Watch with negative implications, the New York-based rating agency said.

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