MELBOURNE (Standard&Poor's) Oct. 28, 2009--Standard&Poor's Ratings Services said today that Genworth Financial Mortgage Insurance Pty. Ltd.'s (Genworth Australia) 'AA-' rating and stable outlook were unaffected, at this stage, by its related company and partial reinsurer, U.S.-based Genworth Mortgage Insurance Corp. (GMIC: 'BBB+') being placed on CreditWatch with negative implications. In our press release of Feb. 27, 2009, we foreshadowed that the rating on Genworth Australia could be up to four notches higher than GMIC, which is currently the case. This ratings segmentation was largely based on the mechanisms that are in place to protect the Australian subsidiary's very strong financial strength. Since then, Genworth Australia has acted to reduce its reliance on GMIC for reinsurance and
