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Moody's might lift Genworth
Moody's Investors Service said it placed the Ba2 financial strength rating of Genworth Mortgage Insurance Corp. and Genworth Residential Mortgage Insurance Corp. of North Carolina on review for upgrade.
Moody's said the action was prompted by the announcement by Genworth Holdings, Inc., a direct subsidiary of Genworth Financial, Inc. (senior debt at Baa3, stable), that it commenced a public offering of up to $400 million of senior notes due 2024.
The review for upgrade of the financial strength ratings reflects Moody's expectation that Genworth will contribute a substantial share of the offering proceeds to support its U.S. mortgage insurance operations, including Genworth Mortgage and Genworth Residential. Genworth Mortgage is Genworth's flagship mortgage insurance operation, and Genworth Mortgage guarantees the obligations of Genworth Residential. The anticipated contribution will enhance the mortgage insurer's ability to meet likely tighter eligibility criteria from Fannie Mae and Freddie Mac, the GSEs, which could be released before year-end.
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