...The 'A+' rating on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) reflects our view of the insurer's 'a+' stand-alone credit profile (SACP). We have selected a final outcome of 'a+' from a dual-notch anchor of '##-' and 'a+' because we consider our assessment of Genworth Australia's business risk profile 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 as well as various headwinds facing the industry including restrictions imposed by the Australian Prudential Regulation Authority (APRA) on lenders, and on borrowers by lenders. We consider Genworth Australia to be an insulated and nonstrategic subsidiary of Genworth Financial Inc. (GFI), and the rating on Genworth Australia does not benefit from, nor is constrained by, any allowance for group support....
