S&P rates Genworth drawdown A

Standard & Poor's said it assigned its A senior unsecured debt rating to Genworth Financial Inc.'s $350 million drawdown due 2015.

The company expects net proceeds from the sale of this debt to be used for redeeming outstanding securities.

S&P noted that financial leverage and fixed-charge coverage remain consistent with the current A rating on its holding company, with a debt-to-capital ratio of about 19.7% and fixed-charge coverage of 9.9x, as of June 30. Debt plus hybrids to total capital was 23.3% for the same period.

© 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.