Moody’s cuts Genworth Holdings

Moody’s Investors Service said it downgraded the senior unsecured debt rating of Genworth Holdings, Inc. to B3 from B2 and changed the outlook to developing.

“The action reflects the continuing delays to close the planned acquisition of the company by China Oceanwide Holdings Group Co. Ltd. (China Oceanwide) (unrated) including obtaining the required regulatory approvals, which underlines the risks to consummate the transaction, and the significantly higher volatility in the global financial markets due to the coronavirus pandemic which will challenge the company’s ability to build liquidity,” Moody’s said in a press release.

Moody’s said the downgrade also reflects an expected deterioration in cash flow at Genworth Holdings and the effect of the pandemic on its business.

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