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S&P cuts Genworth
Standard & Poor's said it lowered the counterparty credit and financial strength ratings on Genworth Mortgage Insurance Corp. and Genworth Residential Mortgage Insurance Corp. to BB+ from BBB-.
The outlook is negative.
S&P said it revised the outlook on Genworth Financial Inc. and Genworth Financial Mortgage Insurance Ltd. to negative and affirmed the BBB long-term counterparty credit ratings on the companies.
The ratings reflect the outsized losses in the fourth quarter, which stem largely from reserve increases related to the aging of the delinquency inventory as well as significant declines in loss-mitigation activities across the sand states, S&P said.
The ratings also consider bolstered cash and liquidity positions as well as the improving operating performance at the retirement and protection segment, the agency said.
The negative outlooks reflect uncertain macroeconomic conditions and the potential for further adverse reserve adjustments, S&P said.
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