Standard & Poor’s Ratings Services said that its ‘A-’ rating on Australia’s QBE Insurance Group Ltd. and its ‘A+’ ratings on QBE’s core operating entities remain unchanged following QBE’s announcement that it has completed the acquisition of Australia-based lenders’ mortgage insurer PMI Mortgage Insurance Ltd. (PMI Australia).
S&P added that “given that there is no change in the operational and financial characteristics of the transaction from that originally proposed, the rating outlooks on QBE and its operating companies are stable.”
The rating agency also stated that its ‘AA-’ rating on PMI Australia “remains unchanged at one notch higher than the rating on QBE’s core operating entities because PMI Australia had satisfied various financial and operational measures that support its ability to be segmented from the ‘A+’ rating.” However, S&P’s rating outlook on PMI Australia is negative.”
S&P indicated that, at “this stage, the acquisition of Hong Kong-based PMI Asia Mortgage Insurance Ltd. (PMI Asia; not rated) is expected to be completed only in November 2008.”
Source: Standard & Poor’s – www.standardandpoors.com
MARKet WATCHer says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
