The insurer financial strength ratings on Australian-based Genworth Financial Mortgage Insurance Pty Ltd. (GFMI, previously named GE Mortgage Insurance Co. Pty Ltd.; AA/Stable/--) acknowledge the company's operational integration with its U.S.-based sister, Genworth Mortgage Insurance Corp. (GMIC; AA/Stable/--), and ultimate ownership by Genworth Financial Inc. (Genworth; A/Stable/A-1). On a stand-alone basis, GFMI's rating benefits from the company's leading market position, very strong capitalization (in excess of A$1.3 billion), and continued solid earnings track record. The ratings also reflect the company's strong risk-management philosophy, and its disciplined and experienced management. Moderating factors include the concentrated suite of lenders' mortgage insurance (LMI) products that rely on the performance of the home loan market, and the prevailing economic conditions. GFMI is considered core
