Standard&Poor's Ratings Services' insurer financial strength rating on CMG Mortgage Insurance Co. (CMG MI) is based on its leadership position within its niche credit union market, the strong credit quality of credit union customers, and the company's conservative underwriting philosophy. Offsetting these strengths is the difficult macroeconomic environment, which caused weak operating results in 2011 and 2010 and continues to impair 2012 results. CMG MI also faces sustained competition, as peers continue to pursue customers within the credit union market. Moreover, CMG MI remains dependent on its parents for operational support, despite more recent efforts to build independent back-office functions. Recent financial difficulties of one of the parents may disrupt the level of future support. CMG MI enjoys
