Fitch rates Genworth

In response to the initial public offering of 30% of its common stock, currently planned for the second-quarter 2004, Fitch Ratings said it has assigned an A long-term issuer rating to Genworth Financial Inc., a newly formed holding company subsidiary of General Electric.

This rating action will directly affect about 60 billion of yen-denominated long-term debt that will be assumed by Genworth at the time of the IPO.

Fitch has also assigned an A- rating to Genworth's upcoming issuances of $600 million in equity units and $100 million in cumulative preferred stock, both planned to be completed in conjunction with the IPO, as well as an F1 short-term rating to Genworth's $1 billion commercial paper program.

The outlook is stable.

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