...NEW YORK (Standard & Poor's) March 14, 2002--Standard & Poor's said today it affirmed its double-'A'-minus counterparty credit and financial strength ratings on U.S. domestic residential mortgage insurer CMG Mortgage Insurance Co. because of its 60% share in the credit union mortgage insurance market, support from its parent companies, and extremely strong operating performance. CMG is a joint venture of PMI Mortgage Insurance Co. and CUNA Mutual Insurance Society. The outlook on CMG is stable. "Benefiting from a loss ratio that should again be the best in the industry, the effect of increased volume in 2001 on premium in 2002, continued growth of market share in 2002, lower processing expenses because of the end of the refinance boom, and more mortgage lending by credit unions, CMG could increase earnings moderately to substantially in the coming year," said Standard & Poor's director Charles Titterton. Partially offsetting these factors will be the aging of CMG's book, which will push...
