OREANDA-NEWS. Fitch Ratings has affirmed Australia-based Westpac Lenders Mortgage Insurance Limited's (WLMI) Insurer Financial Strength Rating at 'AA-'. The Outlook is Stable due to WLMI's solid financial profile and the unchanged credit profile of its ultimate parent, Westpac Banking Corporation (WBC; 'AA-'/Stable).

The rating reflects Fitch's assessment of WLMI's strategic importance to the group, a robust standalone capital position and conservative investment approach. The company's operating and underwriting performance has historically been strong and, despite high financial leverage compared with Fitch's median criteria guidelines, interest coverage is sound.