Siphoning signals from Genworth

Concerns over the health of Genworth, and the housing market it feeds off, have grown in the wake of its IPO delay and Moody's rating review. But in many respects, it's less vulnerable than Australia's big four.

Hysterical housing doomsayers got very excited by the delay of Genworth Australia’s IPO on the back of a modest first quarter loss. It was said by some that this might be the 'canary in the coal mine' and presage deep gloom for Australia’s much-maligned housing market.

To compound matters, Moody’s Australia, which has occasionally expressed reservations about local housing valuations, promptly placed the company on "ratings watch negative”.

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