...- Canadian government support through fiscal and monetary policies, along with the borrower mortgage deferral program, has somewhat mitigated the downside risks from the economic fallout. - Some uncertainty persists due to the relatively slower pace of vaccination and a recent uptick in COVID-19 cases in some regions, resulting in lockdowns. - However, we expect Sagen MI Canada Inc. to manage the risk from rising mortgage delinquencies at the end of the deferral period within its earnings, and expect the company's capitalization to remain robust. - We are revising our outlook on Sagen and its operating subsidiary, Genworth Financial Mortgage Insurance Co. Canada (collectively, Sagen) to stable from negative and affirming our ratings on both entities. - The stable outlook reflects Sagen's strong competitive position and excellent capitalization that is well-redundant at the '###' confidence level as of year-end 2020, and which we expect will remain so through 2023....
