On Dec. 17, 2008, Standard&Poor's Ratings Services affirmed its 'AA' rating on Australia-based lenders' mortgage insurer, Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia). The outlook remains negative. Additionally, in accordance with Standard&Poor's applicable rating criteria, Genworth Australia could be rated up to two notches higher than its related U.S.-based Genworth Life insurance companies (AA-/Negative), while its U.S.-based sister company and part reinsurer, Genworth Mortgage Insurance Corp. (GMIC, AA-/Watch Neg/--), remains rated in the 'A' category or higher. "The 'AA' rating on Genworth Australia is driven by the insurer's robust standalone creditworthiness," Standard&Poor's credit analyst Mark Legge said. "This is demonstrated by the company's continued sound operating performance--loss and combined ratios and delinquencies have
