We have revised our outlook on Genworth Financial Mortgage Insurance Pty. Ltd. (Genworth Australia) to stable from negative following the settlement of the company's partial initial public offering (IPO) on May 21, 2014. The issuer credit ratings on Genworth Australia have been affirmed at 'AA-'. On May 23, 2014, Standard&Poor's Ratings Services revised its outlook on Genworth Australia to stable from negative. The ratings were affirmed at 'AA-'. As we have previously stated, we viewed the planned partial IPO of Genworth Australia as being necessary for the company to maintain its current ratings and three-notch rating-differential above the Genworth Financial Inc. (Genworth) group's core life insurance companies (GLIC; A-/Stable), and the group credit profile (GCP), under our group
