PMI Mortgage Insurance Co. Ratings Lowered To 'CCC-' From 'B-'; Outlook Negative Aug 11
Standard & Poors, August 2011
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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
PMI Group Inc. ,PMI Mortgage Insurance Co.
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