RICHMOND, Va., Sept. 27, 2021 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) (Genworth) today announced that ratings
agencies have recently made several updates to various ratings and
outlooks for Genworth and certain of its holding company
subsidiaries:
- On September 21, Moody's
Investors Service (Moody's) upgraded the Genworth Holdings, Inc.
backed senior unsecured debt rating to B1 from Caa1. The outlook
for the rating is stable.
- On September 24, S&P Global
Ratings (S&P) upgraded the Genworth and Genworth Holdings, Inc.
issuer credit ratings to B from B-. The outlook for the ratings is
positive.
"We are pleased with these ratings outcomes, which reflect
further improvement in Genworth's credit risk profile," said
Daniel Sheehan, Genworth's Chief
Financial Officer and Chief Investment Officer. "In 2021, we have
retired more than $1.5 billion of
parent company debt while maintaining prudent cash buffers. Today,
Genworth has a stronger liquidity profile and increased financial
flexibility, including a clearer path to addressing our remaining
debt maturing in 2023 and beyond."
The Insurer Financial Strength ratings of Genworth's life
insurance subsidiaries, Genworth Life Insurance Company and
Genworth Life Insurance Company of New
York and Genworth Life and Annuity Insurance Company were
unaffected by these ratings actions.
Additional information regarding the rating changes can be found
in the full reports issued by Moody's and S&P last week.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance
holding company committed to helping families achieve the dream of
homeownership and address the financial challenges of aging through
its leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond,
Virginia, Genworth traces its roots back to 1871 and became
a public company in 2004. From time to time, Genworth's publicly
traded subsidiary, Enact Holdings, Inc., separately releases
financial and other information about its operations. This
information can be found at https://ir.enactmi.com/.
Cautionary Note Regarding Forward-Looking Statements
This communication contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning & include, but are not limited to, statements
regarding the outlook for future business and financial performance
of Genworth Financial, Inc. (Genworth) and its consolidated
subsidiaries. Forward-looking statements are based on
management's current expectations and assumptions, which are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes
and results may differ materially due to global political,
economic, business, competitive, market, regulatory and other
factors and risks, as well as risks discussed in the risk factor
section of Genworth's Annual Report on Form 10-K, filed with the
United States Securities and Exchange Commission (SEC) on
February 26, 2021. Genworth
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
View original
content:https://www.prnewswire.com/news-releases/genworth-financial-receives-ratings-upgrades-from-moodys-and-sp-301385457.html
SOURCE Genworth Financial, Inc.