The 'A+' rating on Genworth Financial Mortgage Insurance Pty Ltd. (GFMI) reflects our view of the insurer's 'a+' stand-alone credit profile (SACP). The SACP is derived 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+' because we consider the BRP assessment to be consistent with the lower end of the very strong category. This takes into account the concentration within the lenders' mortgage insurance line of business and changes in market conditions over the last one-to-two years. These include reduced lender risk appetite for high-LVR lending, soft 10% limit on investor loan growth and greater capacity
