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S&P puts Genworth on developing watch
Standard & Poor’s said it placed the BBB- financial strength ratings on Genworth Life Insurance Co., Genworth Life & Annuity Insurance Co. and Genworth Life Insurance Co. of New York on CreditWatch with developing implications.
The agency also said it placed on developing watch the BB- ratings on Genworth Mortgage Insurance Corp. and Genworth Residential Mortgage Insurance Corp. NC and the BB- ratings on Genworth Financial Inc.
The CreditWatch reflects an anticipation of a material shift in Genworth’s business profile that will likely center on North American mortgage insurance, S&P said.
The company’s management has concluded that its North American mortgage insurance units are the most attractive of its businesses considering competitive landscape, future earnings growth and various other factors, the agency said.
S&P said the company may or may not keep majority ownership of its Australia mortgage insurance business as it is currently evaluating its ownership. Its U.S. life and annuity businesses could be sold as the company said it is assessing market interest and considering the merits of a sale of these businesses, the agency added.
Given overall uncertainty around its evolving business profile, potential proceed amounts from expected asset sales and U.S. operating unit capital strength, the ratings were placed on developing watch by S&P.
The ratings unchanged by this news include Genworth Financial Mortgage Insurance Co. Canada’s counterparty credit and financial strength ratings of A+; Genworth MI Canada Inc.’s issuer credit rating of BBB+; Genworth Financial Mortgage Insurance Pty’s counterparty credit and financial strength ratings of A+; Genworth Financial Mortgage Inc. Pty (New Zealand branch)’s financial strength rating of A+; and Genworth Financial Mortgage Indemnity’s counterparty credit and financial strength ratings of A-.
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