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Fitch: MI Firms Won't See Recovery before 2010.
Byline: Amilda Dymi
New York-Fitch Ratings has downgraded PMI Mortgage Insurance Co., Genworth Mortgage Insurance Corp. and Mortgage Guaranty Insurance Corp. to outlook negative and is reviewing the ratings of several other insurers.
As to the overall mortgage insurance industry outlook, Fitch said it anticipates that insurers "will not return to profitability until 2010 at the earliest."
The ratings agency believes, however, that the prospects for future business are positive despite near-term challenges that may cause rising losses and limited new business options - since companies will likely need to conserve capital in the near term if the economic slowdown continues.
Fitch downgraded the insurer financial strength rating of Genworth Mortgage Insurance Corp., its U.S. operational affiliates, and Genworth Financial Mortgage Insurance Ltd. to A+ from AA.
Fitch downgraded the IFS rating of Genworth Financial Mortgage Insurance Pty Ltd. to AA- from AA. All ratings have been removed from Rating Watch Negative. The outlook on all ratings has been revised to negative.
The IFS ratings of Mortgage Guaranty Insurance Corp. and MGIC Australia Pty Ltd. also were moved to A- from A+.
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Source: HighBeam Research, Fitch: MI Firms Won't See Recovery before 2010.