Fitch Ratings said this morning that it has downgraded key credit ratings associated with Triad Guaranty:

Fitch Ratings has downgraded the long-term issuer and senior debt ratings of Triad Guaranty Inc. (TGIC) to ‘A-‘ from ‘A+’. Fitch has also downgraded the insurer financial strength (IFS) rating on TGIC’s insurance subsidiary, Triad Guaranty Insurance Corp. (Triad) to ‘AA-‘ from ‘AA’. The Rating Outlook for both entities is Stable.

The downgrades were the result of a recent revision to the rating agency’s mortgage insurance capital model, Fitch said (see this post for more information on the criteria changes).