S&P revises view on Genworth Financial

S&P said it revised the outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and Genworth Financial Mortgage Insurance Pty Ltd. (New Zealand Branch) to negative from stable.

“Our negative outlook reflects our view that Genworth Australia's financial profile may deteriorate beyond our expectations in the upcoming 18-24 months, and be inconsistent with the A rating. The one-in-three chance of a downgrade will take into account the effects of higher unemployment and how that translates into higher mortgage insurance claims, as well as moderating factors such as a quicker economic rebound or company actions,” S&P said in a press release.

S&P also affirmed the rating on Genworth Australia’s subordinated debt at BBB+.

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