Genworth MI Canada Inc. (MIC) has shown resilience in a shrinking mortgage origination market to build market share near 34% due to enhanced servicing and auto-decision capabilities. Capital adequacy remains extremely strong despite significant returns of capital expected to shareholders. We are affirming our 'A+' ratings on GFMICC's rated operating subsidiaries and our 'BBB+' issuer credit rating on the holding company and rated debt issuance. The outlook is stable based on the group maintaining its strong competitive position as highlighted by a market share above 30% and underwriting performance with strong operating metrics. On Aug. 8, 2019, S&P Global Ratings affirmed its 'A+' long-term insurer financial strength and issuer credit ratings on operating company Genworth Financial Mortgage Insurance Co. Canada
