Fitch rates PMI notes A+

Fitch Ratings said it assigned an A+ rating to $400 million senior notes issued by The PMI Group, Inc. The issue consists of $250 million of senior notes due 2016 and $150 million of senior ntoes due 2036. The outlook is stable.

PMI expects to use $360 million of the proceeds to refinance contingent convertibles debentures that became callable on July 15. Total debt outstanding will temporarily increase by $40 million until Nov. 15, when an additional $63 million of currently outstanding senior debt matures.

The agency said PMI's ratings reflect the company's solid market position in the U.S. mortgage insurance industry, strong excess capital given the current rating, good credit performance of the insured portfolio and solid financial returns over an extended period of time.

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