S&P: CMG off watch

Standard & Poor's said it removed its AA- counterparty credit and financial strength ratings on CMG Mortgage Insurance Co. from CreditWatch with negative implications.

At the same time, the agency said it affirmed its ratings on CMG.

The outlook is negative.

The agency noted that the affirmation reflects its view that the recent downgrade of PMI Mortgage Insurance Co., a co-owner of CMG, will not have a material impact on CMG's financial strength.

According to S&P, the insurer financial strength rating on CMG is based on its leadership position within in its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions' customers and its strong operating performance.

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