Ge Mortgage Insurance Issues Statement On S&p Credit Watch Action
Contact: Terry Souers of GE Mortgage Insurance, 919-846-4459 or terry.souers@ge.comRALEIGH, N.C., June 27 /U.S. Newswire/ -- 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 i...