S&P rates Genworth loan B+

S&P said it assigned its B+ debt rating to Genworth Financial Inc.'s new five-year senior secured term loan secured by its holdings in Genworth MI Canada Inc. (MIC), its Canadian mortgage insurance subsidiary.

The company expects to use net proceeds of the loan and cash on its balance sheet to retire its existing 6.515% senior unsecured notes maturing in May 2018.

“With this issue, we estimate that Genworth's financial leverage will remain consistent with our expectations of 25% to 30%. We also expect Genworth to maintain liquidity resources to support the rating,” S&P said in a news release.

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