Moody’s downgrades Genworth

Moody's Investors Service said it downgraded the credit ratings of Genworth Holdings, Inc., including the senior unsecured debt downgraded to Ba3 from Ba1, the insurance financial strength ratings of Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York to Ba1 from Baa1, and the insurance financial strength rating of Genworth Life and Annuity Insurance Co. to Baa2 from Baa1.

The action follows Genworth's announcement on Feb. 4 that the company was suspending sales of life and fixed annuity products and actively seeking multiple restructuring options to separate and isolate its long-term care business.

The outlook on Genworth Holdings and its life insurance subsidiaries is stable.

The agency also confirmed the Ba1 insurance financial strength rating of Genworth Mortgage Insurance Corp. with a stable outlook.

This action concluded the review for upgrade that was initiated on Nov. 3. No other Genworth ratings were on review.

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