Genworth upgraded by Moody’s on ‘tremendous progress’
US-based insurance holding Genworth Financial has secured a rating upgrade from Moody’s Investors Service, reflecting “tremendous progress” in improving its financial profile.
Moody’s has lifted the senior unsecured debt rating of Genworth from B1 to Ba2, up two notches. The outlook for the rating is stable.
According to the agency, the company has improved its liquidity position and financial flexibility following the improvement in its debt ladder that includes the expected retirement of its 2024 senior debt in Q3 2022.
“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 (pictured), Genworth’s chief financial officer and chief investment officer of Genworth.
“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 the ratings action.
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