Genworth Financial Receives Rating Upgrade from Moody’s
July 22 2022 - 6:45AM
Business Wire
Genworth Financial, Inc. (NYSE: GNW) today announced that
Moody's Investors Service (Moody's) has upgraded the senior
unsecured debt rating of Genworth Holdings, Inc. from B1 to Ba2,
signifying a two-notch upgrade. The outlook for the rating is
stable.
“This upgrade from Moody’s, which is the fourth upgrade we have
received from rating agencies since September 2021, reflects the
tremendous progress we have made in improving our financial
profile,” said Daniel Sheehan, Genworth’s Chief Financial Officer
and Chief Investment Officer. “We have significantly reduced debt
which has strengthened our balance sheet and reduced risk. Looking
ahead, we will build off of this strong foundation by executing on
our strategic priorities.”
The Insurer Financial Strength ratings of Genworth’s life
insurance subsidiaries, which include Genworth Life Insurance
Company, 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 upgrade can be found
in the credit opinion issued by Moody’s this week.
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
genworth.com, and for more information on Enact Holdings, Inc.
visit 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 reductions of debt 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/20220722005076/en/
Investors: Sarah E. Crews InvestorInfo@genworth.com
Media: Amy Rein Amy.Rein@genworth.com
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