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PMI Mortgage Insurance Co. Ratings Lowered To 'CCC-' From 'B-'; Outlook Negative Aug 11 Product Image

PMI Mortgage Insurance Co. Ratings Lowered To 'CCC-' From 'B-'; Outlook Negative Aug 11

  • Published: August 2011
  • Standard & Poors

Abstract
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.
Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of READ MORE >

PMI Group Inc. ,PMI Mortgage Insurance Co.

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