The 'A+' ratings on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) reflect our view of the insurer's 'a+' stand-alone credit profile (SACP). The SACP derives from the insurer's very strong business risk profile (BRP) and strong financial risk profile (FRP), which lead to a dual-notch anchor of 'aa-' and 'a+'. We have selected a final outcome of 'a+' due to the BRP assessment falling at the lower end of the very strong category. This reflects the concentration within the lenders' mortgage insurance line of business and recent changes in market conditions, including capacity from offshore reinsurers and lower growth dynamics, in part from regulator imposed constraints on bank lending. Clear market leadership in the Australian lenders' mortgage insurance sector,
