S&P cuts Genworth Mortgage, Residential to B

Standard & Poor's said it lowered its counterparty credit and financial strength ratings on Genworth Mortgage Insurance Corp. and Genworth Residential Mortgage Insurance Corp., collectively GMICO, to B from BB-. The outlook is negative.

The ratings on Genworth Financial Inc. are unaffected by this action.

According to S&P's rating definitions, the agency said, an insurer rated B has weak financial security characteristics and adverse business conditions will likely impair its ability to meet financial commitments.

S&P said it believes that GMICO fits this definition.

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