QBE Lenders Mortgage Insurance is not affected by a credit rating downgrade in its owner, QBE Insurance Group, by Moody's Investors Service. Moody's cut the issuer rating and senior unsecured debt ratings for QBE to Baa1, from A3, yesterday. It cut the subordinated debt rating to Baa2, from Baa1. Glenn Goddard, CEO of mortgage manager RHG, sold more than one third of his holdings in the company last week. He sold 800,000 shares at 40 cents each on April 15. RHG advised the ASX three days later of a decision to knock back an offer for its operating assets from Resimac. Haier, the new owner of white goods maker Fisher & Paykel Appliances, will retain its subsidiary F&P Finance. Alastair Macfarlane, managing director of F&P Finance, told Interest.co.nz: "There was some speculation in the market that we were still for sale, but that's right off the agenda now, that's not part of their immediate plans." Defence Bank is the latest mutual to receive a credit rating. Standard & Poor's said it had assigned its BBB+ long-term rating and an A-2 short-term rating to the bank. The outlook is stable. S&P based the rating on the bank's "stand-alone credit profile for a financial institution operating only in Australia, as well as DB's weak business position, very strong capital and earnings, adequate risk position, below average funding, and adequate liquidity."