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By: Staff Reporter
Moody’s Investors Service has given the nod of approval to Genworth Financial Mortgage Insurance and QBE LMI, lifting their ratings from negative to stable.
According to a Moody’s vice president and senior analyst Wing Chew, the lift in rating for both Genworth and QBE LMI reflect the companies’ solid market position and effective credit management.
"The change in outlook is based on improvements in the companies’ operating environment and their financial profile, reflecting in turn improvements in demand for mortgage insurance, pricing structures, and profitability," Mr Chew said.
"The substantial improvement in profitability is due to the restrained nature of the economic downturn in Australia and the rapid recovery in the housing market.”
"Australia has been able to stabilise its financial and credit markets through a combination of monetary and fiscal policies."
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