Latest with Genworth Mortgage and Vocus
Housing market situation impacted the rating: Genworth Mortgage Insurance Australia’s stock edged slightly lower on September 14, 2017 while the group had recently announced the outcomes of rating agency reviews. Fitch Ratings and Standard & Poor’s (S&P) have affirmed the insurer financial strength ratings (IFSR) of Genworth Financial Mortgage Insurance Pty (GFMI). Moody’s Investors Service (Moody’s) has revised down its unsolicited IFSR. Robust standalone credit profile, solid operating performance, strong capital ratios and conservative investment approach led Fitch Ratings affirm the ‘A+’ IFSR on GMA while maintaining the outlook at stable. S&P also affirmed the ‘A+’ IFSR and maintained the outlook at negative noting standalone credit profile, business risk profile and strong capital and earnings. On the other hand, Moody’s has revised its unsolicited IFSR on GFMI from ‘A3’ with a negative outlook to ‘Baa1’ with a stable outlook. This seems to be coming at the back of rising level of risks in the housing market. At the moment, the ratings update led to have raised few concerns across the market. GMA had also reported its NPAT to be down 34.7% to $88.7 million for the half-year ended 30 June 2017. There was a decline in gross written premium of 4% against last year. Ordinary dividends per share also dipped 14.3%
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