Genworth Australia's earnings strengthened considerably over 2021 due to the strong economic rebound from the COVID-19 pandemic and a favorable housing market. We continue to view Genworth Australia as having a strong competitive position with a leading market share, and strong capital adequacy. We are revising our outlook on Genworth Australia to stable from negative. At the same time, we are affirming our ratings on Genworth Australia at 'A'. We are also affirming the 'BBB+' rating on its subordinated debt. Our stable outlook reflects our view that Genworth Australia will maintain a strong competitive position, solid earnings, and robust capital adequacy. On Feb. 8, 2022, S&P Global Ratings revised its outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia)
