Genworth ‘pleased’ with ratings boost as financials improve

Genworth Financial and certain of its holding company subsidiaries have secured ratings upgrades from Moody's and S&P, reflecting improvement in its credit risk profile and increased financial flexibility.

On September 21, Moody's Investors Service upgraded Genworth Holdings' backed senior unsecured debt rating to B1 from Caa1. The outlook for the rating is stable.

On September 24, S&P Global Ratings upgraded Genworth and Genworth Holdings' issuer credit ratings to B from B-. The outlook for the ratings is positive.

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.

Daniel Sheehan, Genworth's chief financial officer and chief investment officer, said he was pleased with these ratings outcomes, which “reflect further improvement in Genworth's credit risk profile”.

“In 2021, we have retired more than $1.5 billion of parent company debt while maintaining prudent cash buffers,” Sheehan revealed. “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.”

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