Moody's affirms PMI Mortgage Insurance

Moody's Investors Service said it affirmed the Aa3 rating of PMI Mortgage Insurance Ltd. following the completion of its sale to QBE Insurance Group Ltd.

The outlook is negative.

This concludes the review for possible downgrade that began in July of PMI Australia, now renamed QBE Lenders' Mortgage Insurance Ltd.

The acquisition improves the financial flexibility of PMI Mortgage, Moody's said. QBE is well positioned to provide the financial support necessary for PMI to consistently comply with the Australian Prudential Regulation Authority's regulatory capital level and any additional capital needed to grow the business, the agency said.

Moody's said it expects both the holding company to be supportive of PMI's capital management and the mortgage insurer to maintain a reasonable buffer above the minimum regulatory capital requirement at all times.

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