NEW YORK - (Business Wire) Fitch Ratings has announced today that it has withdrawn the following rating of PMI Guaranty Co. (PGC), which was on Rating Watch Negative:
PMI Guaranty Co.
--Insurer financial strength (IFS) 'A+'.
Today's action follows a June 2008 announcement by The PMI Group (TPG) stating all of the direct Financial Guaranty Insurance Company (FGIC) business previously reinsured by PGC was recaptured by FGIC and then ceded to AG Re. This business accounted for the preponderance of PGC's insured portfolio. Given PGC will no longer be actively conducting operations, Fitch believes there is little investor interest in continued coverage of this rating. Fitch notes that PGC's excess capital of about $144 million has been dividended to TPG, which expects to reinvest at least 80% of these funds into U.S. mortgage insurance operations before Sept. 30, 2008.
PGC is a wholly owned financial guaranty subsidiary of TPG, a holding company that also owns PMI Mortgage Insurance Co.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Ralph R. Aurora, +1-212-908-0528
George Masek, +1-212-908-0617
Media Relations:
Cindy Stoller, +1-212-908-0526
