Moody's rates PMI convertibles A1

Moody's Investors Service said it assigned an A1 rating to approximately $342 million in senior convertible debt issued by the PMI Group, Inc., the holding company of PMI Mortgage Insurance Co.

The outlook for both entities is stable.

The convertibles are being issued in a tender offer in exchange for existing senior convertible debt originally issued in 2001.

Moody's said the exchange offer will allow the group to settle in cash upon a call of the securities up to the conversion price of about $44.15. If the share price exceeds $44.15 at any call, the excess amount will be settled in common shares. The original debt only permitted settlement in stock.

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