S&P upgrades Genworth

S&P said it raised its ratings on Genworth Financial Inc. and Genworth Holdings Inc. to B from B- and removed the ratings from CreditWatch with positive implications, where they were placed on May 4.

Concurrently, the agency upgraded Genworth Mortgage Insurance Corp. to BBB from BB+. Furthermore, S&P assigned its BB long-term issuer rating to Enact Holdings Inc.

Enact completed its IPO and net proceeds of $535 million helped Genworth Financial pay off its AXA SA debt.

“However, significant maturities are due in 2023-2024, which will require additional resources. There is a possibility of an accelerated paydown of 2023-2024 debt, depending on the size and timing of the dividends from EHI,” the agency said in a press release.

The outlook is positive.

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