Moody's Investor's Service has affirmed the financial strength rating for Genworth Financial Mortgage Insurance, Australia, after its recent acquisition of Vero Lenders Mortgage Insurance Limited.
The New York-based rating service kept its "Aa2″ rating for the insurer, with a stable outlook.
The New South Wales, Australia-based company is a subsidiary of Richmond, Va.-based Genworth Financial.
Moody's said it sees the acquisition of Vero, which has been in runoff since 2003, as unlikely to have an impact on Genworth since the clienteles of both companies are of similar quality and geographical spread. Genworth has also committed to replenishing Vero's capital.
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