Genworth Australia's competitive position has weakened somewhat, in our view, as indicated by a continued decline in its earnings in recent years, although this is largely the result of industrywide impacts. We are affirming our 'A+' ratings on Genworth Australia. The negative outlook reflects continued pressure on Genworth Australia's competitive position and, consequently, its earnings profile and represents a one-in-three chance we may lower the ratings over the next 12 months. On May 31, 2019, S&P Global Ratings affirmed its 'A+' ratings on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch). The outlook on the ratings remains negative. At the same time, we also affirmed our rating on Genworth Australia's subordinated
