MELBOURNE (Standard&Poor's) Aug. 10, 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; AA-/Stable/--). The outlook is stable. "The ratings affirmation reflects our expectations that Genworth Australia's claims experience should continue to normalize--to loss ratios of around 50%--over the next two quarters to deliver a profitable 2012 result, albeit down on 2011," said credit analyst Lucy Huynh. In line with our expectations, the company reported an improved loss ratio--in U.S. GAAP terms--of 54% for the second quarter compared to 154% in the prior quarter due to significant reserve strengthening. In our opinion, there is evidence of delinquency rates stabilizing
