Moody's downgrades PMI

Moody's Investors Service said it downgraded PMI Group, Inc.'s senior unsecured debt to Caa2 from B3 and junior subordinated debt to Caa3 from Caa1.

The outlook is negative.

The agency said the downgrade is a result of continued deterioration in PMI's capital position caused by prolonged weakness in the performance of its insured portfolio and constrained capital access.

However, Moody's added that current observations suggest that PMI's new delinquencies may be plateauing, thereby limiting the extent of the deterioration.

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