Fitch Ratings has downgraded mortgage insurers MGIC Investment Corp. and The PMI Group (TPG), citing in both cases loss expectations and capital constraints facing the companies as independent mortgage insurers.

Fitch downgraded MGIC Investment Corp.’s insurer financial strength (IFS) rating to “triple-B” from “A-minus,” and the IFS rating for PMI Group (TPG) to IFS to “double-B” from “triple-B-plus.” Subsidiaries of the companies were also downgraded.

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