S&P DowngradesThree Mortgage Insurer Groups--Old Republic, PMI, And Radian

NEW YORK, NY--Standard & Poor's Ratings Services has lowered its counterparty credit rating on Old Republic International Corp. (ORI) to 'A-' from 'A' and its counterparty credit and financial strength ratings on ORI's core subsidiaries to 'A+' from 'AA-'. The outlook is negative.

Standard & Poor's also said that it lowered its counterparty credit rating on PMI Group Inc. (PMI Group) to 'BBB-' from 'BBB+' and its counterparty credit and financial strength ratings on PMI Group's mortgage insurance subsidiaries in the U.S. (PMI) and Europe (PMI Europe) to 'A-' from 'A+'.

In addition, Standard & Poor's placed these ratings on CreditWatch with negative implications. We will likely either lower the ratings another notch or affirm them and assign a negative outlook. We expect to resolve the CreditWatch status of the ratings within 30 days.

In addition, Standard & Poor's lowered its counterparty credit rating on Radian Group Inc. (Radian Group) to 'BB+' from 'BBB' and its counterparty credit and financial strength ratings on Radian Group's mortgage insurance subsidiaries (Radian MI) to 'BBB+' from 'A'. At the same time, we removed these ratings from CreditWatch, where they were placed on Feb. 13, 2008, with negative implications. The outlook is negative.

Standard & Poor's also affirmed its 'AA' counterparty credit and financial strength ratings on Genworth Financial Inc.'s core mortgage insurance subsidiaries. The outlook remains negative.

In addition, Standard & Poor's affirmed its 'BBB' counterparty credit rating on MGIC Investment Corp. (MGIC Investment) and its 'A' counterparty credit and financial strength ratings on the mortgage insurance subsidiaries (MGIC), including MGIC Australia Pty Ltd. The outlook is still negative.

For a detailed copy of S&P's release, please contact Jeff Sexton, New York, (1) 212-438-3448 jeff_sexton@standardandpoors.com

Analyst Contacts:
James Brender, New York (1) 212-438-3128
Andrew Dral, New York (1) 212-438-5677
Rodney A Clark, FSA, New York (1) 212-438-7245