Standard&Poor's observed an increase in industry-wide prime mortgage defaults, affecting higher quality mortgage insurance books, which does not benefit CMG Mortgage Insurance Co. CMG Mortgage Insurance Co.'s first-quarter of 2009 operating results were below expectations, resulting in changes to our full-year profitability estimates. As a result, we have lowered the ratings on CMG Mortgage Insurance Co. (CMG MI) to 'BBB+' from 'A'. The negative outlook reflects our belief that all mortgage insurers continue to face a very challenging operating environment. NEW YORK (Standard&Poor's) July 29, 2009--Standard&Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on CMG Mortgage Insurance Co. (CMG MI) to 'BBB+' from 'A'. Standard&Poor's
