Moody’s might drop Genworth

Moody's Investors Service said it placed the Ba3 senior unsecured debt rating of Genworth Holdings, Inc. on review for possible downgrade.

The Ba1 insurance financial strength ratings of the company's long-term care subsidiaries, Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York (GLIC), and the Baa2 insurance financial strength rating of its life and annuity company, Genworth Life and Annuity Insurance Co., were also placed on review for possible downgrade, as were other affiliated ratings.

Moody’s said the action follows Genworth's Aug. 3 announcement that its original February restructuring plan, including the full de-stacking of Genworth Life and Annuity by the long-term care company and ultimate contribution to Genworth in 2017, will now likely take place in stages over time, subject to improvement of the financials at GLIC and regulatory approvals.

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