DBRS Discontinues PMI and Affiliate Ratings

DBRS announced today that it is discontinuing the ratings on PMI Mortgage Insurance Co. (PMI or the Company) and its Canadian operating subsidiary, PMI Mortgage Insurance Company Canada (PMI Canada). The discontinuation of the ratings, whose withdrawal has been requested by the Company, reflects the decision to terminate the operations of its Canadian mortgage insurance subsidiary.

In light of the dramatic deterioration in the U.S. housing and mortgage markets, PMI made the strategic decision to concentrate its energies on preserving capital within its U.S. mortgage insurance franchise. As such, PMI has significantly reduced its international operations throughout 2008.

Notes:
The applicable methodology is Rating Mortgage Insurance Companies in Canada, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.