Moody's rates Genworth notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the $250 million or more of fixed-rate senior unsecured notes due December 2016 to be issued by Genworth Financial (senior debt rating of Baa3).

The outlook is negative.

Proceeds are expected to be used for general corporate purposes.

"The capital raise is another step Genworth has taken to further improve the company's financial flexibility," Moody's senior vice president, Scott Robinson, said in a statement.

"The negative outlook on the company still reflects the longer-term challenges the company faces in balancing operating company capitalization with repaying longer-term debt maturities."

Genworth's Baa3 senior unsecured debt rating is based on the financial strength of its subsidiaries, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.