Radian says rating upgrade a 'long-term' process

NEW YORK, April 28 (Reuters) - Radian Group Inc (RDN.N: Quote, Profile, Research), one of the biggest U.S. mortgage insurers, on Monday said reversing a downgrade of its insurance unit would be a "long-term endeavor."

The Philadelphia-based company also said it submitted a financial plan to Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research), its customers and the largest funders of U.S. home loans. The two government-sponsored enterprises indicated that the plan meets their requirements for information as a result of the rating downgrade.

Standard & Poor's this month lowered its rating on Radian Guaranty Inc. to "A" from "AA-."

The plan to restore profitability and an "AA" rating "will be a long-term endeavor and will include regular meetings and progress reports with both GSEs," Radian said in a statement. (Reporting by Al Yoon; Editing by James Dalgleish)