Wellington, Feb 24 NZPA - Westpac has temporarily waived a credit rating compliance rule for the parent company of mortgage broker NZF Mortgages.

Moody's Investor Services lowered its ratings one notch for Genworth Financial Australia from Aa3 (negative watch) to A1 (outlook negative) on February 20.

NZF Mortgages, a wholly owned subsidiary of the NZF Group Limited, originates home loans that are re-insured by Genworth, utilising a wholesale funding line from the Westpac Banking Corporation.

The Westpac facility has a requirement that there be no downgrade in the Genworth rating by Moody's below Aa3.

In an announcement to the New Zealand stock exchange today, NZF Group said Westpac had waived compliance with this requirement for 60 days.