CENTENNIAL (S&P Global Ratings) Oct. 28, 2020--S&P Global Ratings today said that its ratings on Genworth MI Canada Inc. (MIC; BBB+/Negative/--) and its core operating subsidiary Genworth Financial Mortgage Insurance Co. Canada (GFMICC; A+/Negative/--) are unchanged following the announcement of the acquisition of all of its outstanding minority shares by Brookfield Business Partners (BBU). Before this transaction, BBU owned a 57% stake in MIC. On close of the acquisition, we will likely view BBU as a financial sponsor and base our ratings on the group on its stand-alone credit characteristics. We expect there will be modest changes to the capital structure, given the group's announcement to issue preference shares in order to satisfy the public float conditions under the Insurance
