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S&P: Mortgage Insurers Face More Challenges.
Byline: Amilda Dymi
New York-Standard & Poor's Ratings Services reinstated the negative outlook and downgraded some of the country's largest insurers while anticipating U.S. mortgage insurers "have limited opportunities for long-term growth and diversification."
S&P rated Republic International Corp. A- from A while counterparty credit and financial strength ratings on the company core subsidiaries changed to A+ from AA-. Therefore, S&P said, the outlook on RIC is negative.
The rating agency also placed PMI Group Inc. on CreditWatch with negative implications for 30 days, noting it "will likely either lower the ratings another notch or affirm them and assign a negative outlook."
S&P lowered its counterparty credit rating on PMI Group Inc. to BBB- from BBB+ and its counterparty credit and financial strength ratings on PMI Group's mortgage insurance subsidiaries in the U.S. and Europe to A- from A+.
Yet another insurer placed on outlook negative is Radian Group Inc. S&P lowered its counterparty credit rating on Radian Group Inc. to BB+ from BBB and its counterparty credit and financial strength ratings on Radian Group's mortgage insurance subsidiaries to BBB+ from A.
The rating concludes the CreditWatch with negative implications Radian Group was placed on since Feb. 13, 2008. The ratings agency said it has removed these ratings from CreditWatch with negative implications and placed on outlook negative.
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