Following the announcement on May 12, 2015, by Genworth Financial Inc. (GFI) that it has reduced its shareholding in Genworth Mortgage Insurance Australia Ltd. to 52% (from 66%), we have affirmed our 'A+' rating on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and 'A-' rating on Genworth Financial Mortgage Indemnity Ltd. (Genworth Indemnity). We have revised the outlooks to stable from developing as a result of a reduced probability that previous upward or downward rating scenarios would eventuate following the recent orderly sell down by GFI. The recent sell down has given us a greater level of confidence that any further future shareholding change is unlikely to improve or detract from the creditworthiness of the Australian operations of Genworth.
