"The AA rating we received is critical to us for the type of business that we will be doing in Europe," Glen Corso vice president of investor relations told GlobeSt.com, "which is to write mortgage insurance that will give portfolio lenders capital relief that will enable them to improve their overall profitability."
In assigning the rating, the New York City-based international rating agency referenced the high level of support provided to PMI Europe by PMI and PMI's U.S. mortgage insurance subsidiary, PMI Mortgage Insurance Co., including the $75 million of initial capitalization and the capital maintenance agreement from PMI U.S. and the guarantee of that agreement by PMI. Fitch also pointed to the expected benefits from the involvement and oversight of PMI U.S.
Fitch also affirmed the AA+ insurer financial strength rating of PMI U.S.; the AA insurer financial strength rating of PMI Mortgage Insurance Ltd., the company's indirect Australian mortgage insurance subsidiary; and PMI's AA- senior debt rating.
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