Following a review of the Genworth Group's core life insurance companies (GLIC; A-/Stable/A-2) under our revised insurance criteria, and the Genworth Group's Australian-based subsidiary, Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia), under our revised group rating methodology (GRM), we are affirming our 'AA-' ratings on Genworth Australia. We view Genworth Australia as an insulated subsidiary of the Genworth Group, and this allows Genworth Australia's stronger 'AA-' ratings, based on its 'aa-' stand-alone credit profile (SACP), to be three notches higher than GLIC's 'A-' ratings. We are maintaining our negative rating outlook on Genworth Australia. We view the planned partial initial public offering (IPO) of Genworth Australia as necessary to support its current ratings and three notch rating-differential above GLIC
