New York-based Moody’s Investors Service downgraded the insurance financial strength rating of Milwaukee, Wis.-based Mortgage Guaranty Insurance Company (MGIC) citing the impact of mortgage defaults on the company.

The rating service lowered the mortgage guaranty insurer to “A1″ from “Aa2″ and the insurance financial strength rating of MGIC Australia Pty Ltd (MGIC Australia) from “Aa2″ to “A2.” The rating outlook for both companies is negative.

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