On March 5, 2003, Standard&Poor's Ratings Services affirmed its 'AA-' counterparty credit and financial strength ratings on CMG Mortgage Insurance Co. (CMG) based on the company's extremely strong level of capital, superior loss ratio performance due to its niche in exclusively servicing credit unions, and continuing improvement in expense cost management. The outlook is stable. Losses might rise faster than delinquencies as CMG's cure ratio is worse than average, even though delinquencies might rise industry-wide, as they have since 2001. The company will continue to generate the industry's best loss ratio. The expense ratio, already having decreased will continue improving, but may not approach the performance of the best players in the next several years. The combined ratio
