Genworth Financial Receives Ratings Upgrade From S&P
March 14 2022 - 7:00AM
Business Wire
Genworth Financial, Inc. (NYSE: GNW) today announced that
S&P Global Ratings (S&P) has upgraded the issuer credit
ratings of Genworth Financial, Inc. and Genworth Holdings, Inc. to
B+ from B. The outlook for the ratings remains positive.
“This upgrade from S&P reflects the substantial improvements
we’ve made in our leverage and liquidity profile, including through
the retirement of over $2 billion of debt in 2021,” said Daniel
Sheehan, Genworth’s Chief Financial Officer and Chief Investment
Officer. “We entered 2022 with enhanced financial flexibility and a
clear path to shareholder value creation. Given our strong
liquidity and expected future cash flows, we plan to retire the
remainder of our 2024 debt this year. This would bring total
holding company debt to below our target of $1 billion and enable
Genworth to evaluate returning capital to shareholders as part of a
balanced capital allocation strategy.”
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 this ratings
action.
Additional information regarding the rating changes can be found
in the full report issued by S&P on March 11.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider
of products, services and solutions that help families address the
financial challenges of aging. Headquartered in Richmond, Virginia,
we apply our nearly 150 years of experience each day to helping
people navigate caregiving options and fund their long term care
needs. Genworth is also the parent company of publicly traded Enact
Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance
provider. For more information on Genworth, please visit
https://www.genworth.com/. From time to time Enact 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 and 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, future 2024 debt retirement and future capital
returns to shareholders. 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 28, 2022.
Genworth undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220313005016/en/
Investors: Sarah Crews InvestorInfo@genworth.com
Media: Amy Rein Amy.Rein@genworth.com
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