Moody’s cuts Genworth IFSRs, rates loan

Moody's Investors Service said it confirmed the B2 senior unsecured debt ratings of Genworth Holdings, Inc. and assigned a Ba3 debt rating to its new senior secured term loan.

Net proceeds, together with existing cash, are expected to be used to repay unsecured notes maturing in May 2018.

In addition, Moody's said it downgraded the insurance financial strength ratings of Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York to B3 from B2, and the insurance financial strength rating of Genworth Life and Annuity Insurance Co. to Ba3 from Ba1.

These actions follow Genworth Financial Inc.'s (unrated), the ultimate parent of Genworth Holdings, recent earnings release and announcement to enter into a new term loan.

The outlook is negative. This concludes the review initiated on Aug. 3, 2016.

The ratings of Genworth Mortgage Insurance Corp. (Ba1 IFS, positive) and Genworth Financial Mortgage Insurance Pty Ltd. (Baa1 IFS, stable) are not part of this action.

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