On July 24, 2022, we revised our IICRA for the Australian mortgage insurance sector to low risk, from intermediate risk. We are affirming our 'A' financial strength and issuer credit ratings on Helia, with no effect on the ratings from the revised IICRA. We are also affirming the 'BBB+' rating on its subordinated debt. Our stable outlook reflects our view that Helia will maintain a strong competitive position, solid earnings, and robust capital adequacy. On June 6, 2023, S&P Global Ratings affirmed its 'A' financial strength and issuer credit ratings on Helia Insurance Pty Ltd., and the 'A' financial strength rating on Helia Insurance Pty Ltd. (NZ Branch). We also affirmed the rating on Helia's subordinated debt at 'BBB+'. The
