PMI Comments on Fitch's Ratings Action

Fitch ratings issued in 2009 are not subject to current portfolio information

WALNUT CREEK, Calif., March 19 /PRNewswire-FirstCall/ -- With respect to the ratings actions issued by Fitch Ratings today, The PMI Group, Inc. (NYSE: PMI) (the Company or PMI) notes that in December 2008 it requested a withdrawal of all Fitch ratings on the Company and its subsidiaries. As a result, PMI has not provided annual portfolio information on a confidential basis to Fitch since the fourth quarter of 2007. As Fitch notes in its press release, it no longer regularly meets with PMI's management, nor receives non-public information from the Company.

About The PMI Group, Inc.

The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA provides credit enhancement solutions that expand homeownership while supporting our customers and the communities they serve. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products. For more information: www.pmigroup.com.

Cautionary Statement: Statements in this press release that are not historical facts, or that relate to future plans, events or performance are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements by their nature involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. Such factors include, among others, potential significant future losses as a result of negative economic and market conditions; our expectation that we will need to raise capital, which may be necessary in 2009; the risk that we may not timely or satisfactorily agree with lenders to amend financial covenants and events of default under our credit facility; the risk that we may be unable to maintain minimum regulatory risk-to-capital and policyholders surplus requirements; changes to our business practices, including limitations we have placed on new business writings; our actual losses potentially exceeding our loss reserve estimates; changes in severity or frequency of losses associated with our mortgage insurance policies; additional future losses on our insured portfolio of higher risk loans; the risk that Fannie Mae and/or Freddie Mac (the "GSEs") determine that we are no longer an eligible provider of mortgage insurance, and potential changes in the charters or business practices of the GSEs; further downgrades or other ratings actions with respect to our credit ratings or insurer financial strength ratings; volatility in our earnings; potential impairment of securities in our investment portfolios; our need to reevaluate the premium deficiencies in our mortgage insurance business on a quarterly basis; heightened regulatory and litigation risks; and potential additional losses in our European operations, which could cause us to make additional capital contributions to those operations. Other risks and uncertainties are discussed in our SEC filings, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008, filed March 16, 2009. We undertake no obligation to update forward-looking statements.

SOURCE The PMI Group, Inc.

RELATED LINKS
http://www.pmigroup.com