MELBOURNE (S&P Global Ratings) July 3, 2020--S&P Global Ratings today said that it has assigned its 'BBB+' ratings to the A$190 million Tier 2 floating rate subordinated notes due July 2030, issued by Genworth Financial Mortgage Insurance Pty. Ltd. (GFMI; A/Negative). The 10-year instrument has a noncall period of five years and effectively replaces a similar Tier 2 issue that matures in July 2025. The rating is two notches below the issuer credit rating, reflecting the notes' structural subordination and their ability to absorb losses in the event the issuer is deemed nonviable by the Australian Prudential Regulation Authority (APRA). The notes have been structured to qualify for inclusion as Tier 2 capital in APRA's prudential standards. We will not
