S&P: Genworth unaffected

Standard & Poor's said Genworth Financial Inc. (A/stable/A-1) has announced that it has filed a registration statement with the Securities and Exchange Commission relating to General Electric Co.'s planned sale of up to 82 million shares of class A Genworth common stock through a secondary public offering and the simultaneous sale to Citigroup Global Markets Inc., an affiliate of which intends to publicly offer a security exchangeable for the shares.

In addition, Genworth announced its intent - subject to market conditions - to repurchase directly from GE $400 million-$500 million of Genworth class B common stock at the net price GE receives in the secondary offering. The repurchase would close simultaneously with, and be contingent upon, the closing of the secondary offering.

S&P said this proposed share repurchase will not materially affect the capital positions of Genworth or its insurance operating companies. As a result, S&P's ratings on Genworth and its insurance operating companies remain unchanged.

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