S&P: PMI off watch

Standard & Poor's said it removed PMI Group Inc. and its mortgage insurance subsidiaries in the United States and Europe from Creditwatch with negative implications.

At the same time, the agency said it affirmed its ratings on all of these companies.

The outlook is negative.

According to the agency, the ratings were placed on Creditwatch on Aug. 26, following a review of all major private mortgage insurers.

As a result of this review, S&P said it lowered its ratings on PMI Group, PMI, and PMI Europe by two notches because of its re-assessment of the mortgage insurance industry's fundamentals and PMI's operating results for the first half of 2008, which compared unfavorably with its expectations.

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