S&P: Genworth stable

Standard & Poor's said it revised the outlook to stable from positive on Genworth Financial Mortgage Insurance Co. of Canada and Genworth MI Canada Inc.

At the same time, S&P said it affirmed its AA- counterparty credit and financial strength ratings on Genworth Canada and its A- corporate credit rating on Genworth MI Canada.

"Macroeconomic considerations weighed heavily in our decision to revise the outlook," said S&P credit analyst Hardeep Manku in a news release.

With personal income growth slowing, high consumer indebtedness and slack labor demand, Canadian borrowers in general are more susceptible to weakness in the economy or increase in interest rates, the agency said.

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