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Article: GE Mortgage Insurance Issues Statement on S&P Credit Watch Action.
- Article from:
- Business Wire
- Article date:
- June 27, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
RALEIGH, N.C.--(BUSINESS WIRE)--June 27, 2003
GE Mortgage Insurance today released the following statement in response to the decision by Standard and Poor's to put GE Mortgage Insurance on CreditWatch:
S&P made its decision despite the fact that our capital position has never been stronger.
The S&P action is based on a change in S&P's rating methodology, not on any change in the financial condition of GE Mortgage Insurance. S&P noted that changes within its rating criteria "now limit the rating support for a strategically important subsidiary to one notch below the parent's rating" unless there is a significant ...