Moody's rates PMI shelf, debt A1

Moody's Investors Service said it assigned the following provisional ratings to a new universal shelf registration of The PMI Group: A1 for senior unsecured debt, A2 for subordinated debt and A3 for preferred securities.

The agency also assigned A1 ratings to two drawdowns under the shelf, including a $250 million senior note maturing in 2016 and a $150 million senior note maturing in 2036.

The outlook for these ratings is stable.

Moody's said the A1 rating is based on PMI's ownership of PMI Mortgage Insurance Co., an internationally diversified mortgage insurance and credit enhancement platform, a strong balance sheet and conservative credit profile.

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