Following a review of US Mortgage Insurers, ratings agency Fitch has issued a report confirming that PMI Australia’s rating has changed from AA to AA-.

In a press release stating PMI’s financial strength it also highlighted that its claims paying resources were unaffected by Fitch’s action:

“PMI’s Australian subsidiary’s operations benefit from stringent capital standards required by Australian regulatory authorities, which, combined with a high level of regulatory oversight and strict corporate governance regime, substantially ringfence the the Australian subsidiary from the capital adequacy concerns regarding its parent. PMI Australia’s established market position combined with the benefits created by the regulatory environment, affords the company a certain degree of ratings separation from its parent company.”

Read the full report at http://info.pmigroup.com.au/LiveAssets/images/145/MortgageInsuranceRatingActions_652008.pdf