S&P Upgrades PMI Group (PMI)
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The PMI Group, Inc. (NYSE: PMI) announced that Standard & Poor's (S&P) has upgraded the Company by two-notches to B-, removed it from CreditWatch developing with the outlook stable.
The ratings upgrade returns the rating differential between the Company and PMI Mortgage Insurance Co. (the primary operating company) to the standard three-notch gap.
The S&P action comes as The PMI Group, Inc. concluded the renegotiation of its credit agreement. S&P stated in a release today that the amended and restated credit agreement substantially reduces the potential for covenant default by eliminating certain covenants present in the previous credit agreement.
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