Noting that TMIC Insurance faces possible liquidation...

Noting that TMIC Insurance faces possible liquidation by the California insurance commissioner, Standard & Poor’s placed the claims paying ability of the mortgage insurance arm of Los Angeles-based Ticor on its CreditWatch “with negative implications.” The rating, already C, will be changed to D if a court approves the state’s liquidation petition, S&P; said. The rating service reaffirmed its AA ratings for the claims paying abilities of two other mortgage insurers, Wisconsin Mortgage Assurance and Republic Mortgage Insurance. Though, like TMIC, both insured many home mortgages syndicated by bankrupt Equity Program Investments Corp., or EPIC, both “continue to benefit either from the use of reinsurance or substantial reserves,” S&P; said.