NU Online News Service, Aug. 23, 3:00 p.m. EDT
Rating agencies downgraded PMI Mortgage Insurance Co. (MIC), part of the PMI Group, after the company announced that the Arizona insurance department placed it under regulatory supervision.
Moody's Investors Service lowered MIC's insurance financial-strength rating to Caa1 from B3, and Standard & Poor's lowered the company's financial-strength rating from CCC-minus to R, its lowest rating, showing that regulatory action has been taken.
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