S&P rates PMI notes A

Standard & Poor's said it assigned its A senior debt rating to PMI Group Inc.'s $250 million senior notes, which are maturing in 2016.

At the same time, S&P said it assigned its A senior debt rating to PMI's $150 million senior notes due 2036.

The agency added t hat the ratings are based on the A counterparty credit rating on PMI, which reflects the company's diversified holdings as a provider of global credit enhancement, very strong operating performance and strong capitalization.

Offsetting the company's strengths are decreasing, though still strong, statutory earnings at its core mortgage insurance subsidiary, PMI Mortgage Insurance Co., which are partly because of a return to more normal market conditions, the agency noted.

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