MELBOURNE (Standard&Poor's) May 2, 2012--Standard&Poor's Ratings Services said today that it has affirmed its 'AA-' financial strength and issuer credit ratings on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia). The outlook is stable. As part of Genworth Financial Inc.'s (GNW; BBB/Negative/A-2) quarterly results, Genworth Australia has today reported significant reserve strengthening of US$53 million (net of tax) and a loss ratio of 154% in U.S. GAAP terms for the first quarter of 2012, and delay of the IPO planned for the first half of 2012. "The affirmation reflects our expectations that this reserve strengthening is an isolated event, and is not an indication of a structural deterioration in earnings, or threat to Genworth Australia's very
