Standard & Poor's issues ratings
Published: Feb. 19, 2008 at 12:39 PM
NEW YORK, Feb. 19 (UPI) -- Standard & Poor's Rating Services released reports on several U.S. mortgage insurers Tuesday, noting deteriorating conditions in "all types of mortgages."
"Deterioration in the housing markets and performance of all types of mortgages (prime, Alt-A, and subprime)" led to the revised ratings, the Standard & Poor's said.
Standard & Poor's gave Genworth Financial Inc., credit for "excellent risk management," and "by far the lowest risk in force from loans with reduced documentation and adjustable rate mortgages." Its unchanged "AA" rating resulted in continued problems related to Genworth Financial's underwriting results in the United States "because of very challenging conditions," the Insurance Journal reported.
Standard & Poor's placed PMI Group Inc., on Credit Watch with negative implications but said it felt its rating would show stability due to foreign diversity and "proactive" management. Radian Group Inc., already issued a Credit Watch with negative implications, could be have its rating lowered, due to concerns with "operating performance and risk management," the report said.
Standard & Poor's also cited unfavorable conditions at Triad Guaranty Inc., United Guaranty Corp, California Housing Loan Insurance Fund, CMG Mortgage Insurance Co. and MGIC Investment Corp, the report said.
"Deterioration in the housing markets and performance of all types of mortgages (prime, Alt-A, and subprime)" led to the revised ratings, the Standard & Poor's said.
Standard & Poor's gave Genworth Financial Inc., credit for "excellent risk management," and "by far the lowest risk in force from loans with reduced documentation and adjustable rate mortgages." Its unchanged "AA" rating resulted in continued problems related to Genworth Financial's underwriting results in the United States "because of very challenging conditions," the Insurance Journal reported.
Standard & Poor's placed PMI Group Inc., on Credit Watch with negative implications but said it felt its rating would show stability due to foreign diversity and "proactive" management. Radian Group Inc., already issued a Credit Watch with negative implications, could be have its rating lowered, due to concerns with "operating performance and risk management," the report said.
Standard & Poor's also cited unfavorable conditions at Triad Guaranty Inc., United Guaranty Corp, California Housing Loan Insurance Fund, CMG Mortgage Insurance Co. and MGIC Investment Corp, the report said.
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