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S&P cuts PMI Mortgage
Standard & Poor's said it lowered the counterparty credit and financial strength ratings on PMI Mortgage Insurance Co. to CCC- from B-, along with the counterparty credit and senior debt ratings on PMI's holding company, the PMI Group Inc., to CC from CCC-.
The outlook is negative.
The agency noted that PMI had become subject to further adverse reserve development relating to its expectations of future claim denial reversals.
The company also recorded a net operating loss of $338.4 million for the second quarter of 2011, S&P said.
PMI remains highly vulnerable to further adverse reserve development over the next 12 months, the agency added.
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