Research Update: Radian And MGIC Downgraded As Cure Activity Declines, GMICO Ratings Affirmed; Outlooks Negative Aug 12
- Language: English
- Published: August 2012
PMI Mortgage Insurance Co. (PMI) experienced significant adverse reserve adjustments and remains highly vulnerable to further adverse reserve developments. We believe that statutory insolvency and/or regulatory action is possible by the end of 2011 or in early 2012. As a result, we lowered our counterparty credit and financial strength ratings on PMI to 'CCC-' from 'B-'. We also lowered our counterparty credit and senior debt ratings on PMI's holding company, The PMI Group Inc., to 'CC' from 'CCC-'. The outlook is negative based on our expectation of further erosion in PMI's statutory capital. NEW YORK (Standard & Poor's) Aug. 4, 2011--Standard & Poor's Ratings Services today lowered its counterparty credit and financial strength ratings on PMI Mortgage Insurance Co. (PMI)...
Companies mentioned in this report are: PMI Group Inc. ,PMI Mortgage Insurance Co.
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