S&P gives PMI notes A

Standard & Poor's said it assigned its A senior debt rating to The PMI Group Inc.'s 2.5% $360 million senior convertible debentures, maturing in 2021.

In addition, S&P said it assigned its A senior debt rating to $345 million senior notes due Nov. 15, 2008.

The agency said that the ratings are based on the counterparty credit rating on the PMI Group Inc., which reflects PMI's diversified holdings as a provider of global credit enhancement, very strong operating performance and strong capitalization.

Offsetting the company's strengths are decreasing, although still strong, earnings at its core mortgage insurance subsidiary, PMI Mortgage Insurance Co., due in part to a return to more normal market conditions, the agency added.

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