Moody's yesterday downgraded two mortgage insurers, AmericanInternational Group's United Guaranty Mortgage Indemnity and ThePMI Group's mortgage insurers, over worries about losses and theirfinancial resources.
Moody's downgraded the insurance financial strength of UnitedGuaranty Mortgage Indemnity Company and its subsidiary, UnitedGuaranty Mortgage Indemnity Company, from "Aa2" to "Aa3."
It also downgraded the insurance financial strength of thegroup's second lien insurance company, United Guaranty ResidentialInsurance Company of North Carolina, and its student loan insurancecompany, United Guaranty Commercial Insurance Company of NorthCarolina, from "Aa2" to "A1."
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