TORONTO, Oct. 11, 2012 /CNW/ - The ratings for Genworth Financial Mortgage Insurance Company Canada (Genworth Canada) and its TSX listed parent, Genworth MI Canada Inc., have recently been confirmed by both Standard & Poor's Ratings Services (S&P) and DBRS Ratings Limited (DBRS).
Genworth Canada's financial strength remains rated 'AA-' with a stable outlook by S&P and 'AA' with a stable trend by DBRS. The ratings reflect the Company's strong capital position and risk management expertise, and prudential regulation by the Office of the Superintendent of Financial Institutions, among other factors.
Genworth MI Canada Inc.'s issuer credit rating remains 'A-' with a stable outlook by Standard & Poor's Ratings Services and 'AA' (low) with stable trend by DBRS. The Company believes these ratings reflect modest debt leverage, strong debt service coverage and ongoing business profitability.
The full ratings reports are available from the respective rating agencies.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX:MIC), through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, has been the leading Canadian private residential mortgage insurer since 1995. Known as Genworth Canada, the Company provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times. Genworth Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace. As of June 30, 2012, Genworth Canada had $5.5 billion in total assets and $2.8 billion in shareholders' equity. Based in Oakville, Ontario, Genworth Canada employs approximately 260 people across Canada. Additional information about Genworth MI Canada Inc. is available at www.genworth.ca.
SOURCE Genworth MI Canada