...The 'A+' insurer financial strength and issuer credit ratings on Australian-based insurer Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) reflect our opinion of the company's very strong capitalization, its conservative financial structure, and its market leadership position in the Australian lenders' mortgage insurance (LMI) industry. Offsetting rating factors include Genworth Australia's earnings vulnerability to changes in economic and property market conditions. In our opinion, Genworth Australia's very strong risk-based capitalization should enable the company to absorb a significant level of claims if Australia were to experience a severe economic downturn. Based on Standard & Poor's current Australian LMI capital model, Genworth Australia maintains a '##' level of capitalization. Further supporting the company's capitalization are its conservative financial structure, improved reserving practices over recent years, reinsurance arrangements, and financial flexibility....
