Question-and-Answer Session
Thank you. [Operator Instructions]. Our first question is from Steve Stelmach. You may ask your question and please state your company name.
Steve Stelmach - FBR
Hi, Good morning; Steve Stelmach from FBR. Just a couple of questions actually; did you say you did not take other impairment on FGIC, is that correct?
Donald P. Lofe, Jr. - Executive Vice President and Chief Financial Officer
Yes, Steve; it's Don. We did not after the work that we performed on the valuation, the value that the valuation showed within excess of our caring value as I mentioned on the call remarks.
Steve Stelmach - FBR
Okay. And then just also, can you just describe the functional impact of a down grade to A would be on your business, as it relates to relationship with the GSEs? I know Freddie obviously has gotten a little bit more forgiving in terms of your PMI industries credit rating. Can you just talk a little bit about that, what you think your impact would be?
David H. Katkov - Executive Vice President, The PMI Group, Inc.; President and Chief Operating Officer, PMI Mortgage Insurance Co.
Steve, this is David Katkov. One clarification, both Fannie Mae and Freddie Mac now have really taken the same approach; and I think you've characterized it correctly. They have provided more flexibility in the events that one of the mortgage insurance is down graded to A. Obviously, I can't speak for the GSEs, but my sense is that they are very motivated to work with variance mortgage insurance company in the event that that would occur. So, at this point, we don't expect this to be an issue for PMI. I do believe we would work with the GSEs to continue significant provider of mortgage insurance to that.
Steve Stelmach - FBR
Okay, thank you.
David H. Katkov - Executive Vice President, The PMI Group, Inc.; President and Chief Operating Officer, PMI Mortgage Insurance Co.
Thank you, Steve.
Operator
Thank you. Our next question is from Amanda Lynem, your line is open. Please state your company name.
Donna Halverstadt - Goldman Sachs
Hi, Goldman Sachs. It's actually Donna Halverstadt. Just wanted to make sure, I got the details down on your comments about your revolver. You said that the outset is reduced to 300 from 400. Does it still have an accordionfeature on it?
Donald P. Lofe, Jr. - Executive Vice President and Chief Financial Officer
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