S&P cuts Genworth

Standard & Poor's said it lowered its counterparty credit and financial strength ratings on Genworth Mortgage Insurance Corp. and its financial strength rating on Genworth Residential Mortgage Insurance Corp. of North Carolina to AA- from AA.

The agency said it also lowered its counterparty credit and financial strength ratings on Genworth Financial Mortgage Insurance Ltd. to AA- from AA given the dependency of the ratings on the explicit support from Genworth Mortgage in the form of a limited net-worth-maintenance agreement.

The outlook remains negative.

S&P added that the downgrades follow Genworth Financial Inc.'s announcement that it will explore strategic alternatives for Genworth Mortgage, including a possible spin-off.

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