S&P Affirms AA- Rating On CMG
SAN FRANCISCO -- CMG Mortgage Insurance Co. announced that Standard & Poor's has affirmed the company's AA- insurer financial strength rating, with a negative rating outlook.
CMG has also been removed from S&P's CreditWatch with negative implications.
S&P said "the insurer financial strength rating on CMG MI is based on its leadership position within its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions' customers and its strong operating performance."
CMG MI is a 50/50 joint venture between PMI Mortgage Insurance Co. and CUNA Mutual Investment Corp.