Standard & Poor’s leaves unchanged the ratings of PMI Group’s primary operating subsidiary PMI Mortgage Insurance Co. and PMI Mortgage Insurance Company Limited (PMI Europe). The same situation happens with subordinated debt ratings of the holding company. PMI continues to be an eligible mortgage insurer with both Fannie Mae and Freddie Mac.
Since March 2008, the Company has completed several strategic initiatives to bolster capital and liquidity:
-Repatriated approximately $150 million of excess capital from PMI Guaranty, of which $144 million was down streamed to PMI;
-Repatriated $41.5 million to PMI from PMI Canada;-Reconfigured PMI Europe to reduce expenses and preserve capital;-Reduced its common stock dividend.
-Renegotiated its revolving credit facility and drew down $200 million;
-Completed the $920 million sale of PMI Australia receiving $736 million in cash with $184 million in a note maturing September 2011;
-Completed the $51.6 million all cash sale of PMI Asia.
L.D.