MELBOURNE, Australia, June 26, 2008—Standard & Poor's Ratings Services said today that it had affirmed its 'AA-' insurer financial strength rating on PMI Mortgage Insurance Ltd. (PMI Australia), and removed it from CreditWatch with negative implications, where it was placed on April 9, 2008. The outlook is negative.(Downtown Melbourne photo at top left)
"The rating affirmation reflects PMI Australia having satisfied various financial and operational measures to justify its rating at one notch higher than the rating on its U.S.-based parent PMI Mortgage Insurance Co. (PMI Co.; A+/Negative/--)," said Standard & Poor's credit analyst Maryanne Galea.
"The 'A
A-' rating on PMI Australia reflects the company's current very strong stand-alone credit profile, which has superior business and financial characteristics relative to the parent."
A-' rating on PMI Australia reflects the company's current very strong stand-alone credit profile, which has superior business and financial characteristics relative to the parent." PMI Australia has strengthened its risk-based capital position, confirmed its restrictive dividend policy, and is negotiating reinsurance protection outside the group.
In addition, existing regulatory and governance factors including robust prudential supervision by Australian Prudential Regulation Authority (APRA), presence 
of independent board members, and supportive non-consolidation legal opinions largely quarantine PMI Australia's assets from its U.S. parent.
of independent board members, and supportive non-consolidation legal opinions largely quarantine PMI Australia's assets from its U.S. parent.Media Contact:
Jeff Sexton, New York, (1) 212-438 3448 jeff_sexton@standardandpoors.com
Analyst Contacts:
Maryanne Galea, Melbourne (61) 3-9631-2085
Michael Vine, Melbourne (61) 3-9631-2102
Analyst Contacts:
Maryanne Galea, Melbourne (61) 3-9631-2085
Michael Vine, Melbourne (61) 3-9631-2102
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