Canadian economic fallout from the protective measures to slow the spread of COVID-19 and a drop in oil prices will raise potential mortgage delinquencies and could lead to higher credit losses for Genworth Canada. Swift actions through mortgage deferral program, a smaller origination market in recent years, price increases in 2015, 2016, and 2017 to reflect higher capital requirements, and structural benefits of the Canadian mortgage insurance market should help mitigate near-term pressures. We are revising our outlook on Genworth Canada to negative and affirming our 'BBB+' long-term issuer credit and senior debt ratings. The negative outlook reflects the high degree of uncertainty associated with the depth and the duration of the current economic environment and the resultant impact on
