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Fitch upgrades PMA
Fitch Ratings said it upgraded PMA Capital Corp.'s insurer default rating to BBB+ from BBB- and its $54.9 million 8½% senior notes due 2018 and 4.25% convertible notes due 2022 to BBB from BB+.
The outlook is negative.
The new ratings match those of Old Republic International now that the two companies have merged. The agency said the upgrade is based on the PMA companies being acquired by a better-capitalized and higher-credit-quality company.
The negative outlook reflects Fitch's concerns regarding Old Republic's consumer credit indemnity portfolio written in its property/casualty unit, which provides credit protection against pools of prime second-lien mortgages.
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