Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt - S&P Global Ratings’ Credit Research

Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt

Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt - S&P Global Ratings’ Credit Research
Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt
Published May 16, 2019
2 pages (995 words) — Published May 16, 2019
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) May 16, 2019--S&P Global Ratings said today that its ratings on Genworth MI Canada Inc. ("Genworth Canada")(BBB+/Stable/--) and its debt issuances are unchanged following the company's proposed additional issuance of up to C$100 million of its outstanding 4.242% debentures maturing in 2024 (2024 Debentures). Together, these issuances will form a single series and will have the same terms as the initial issuance of 2024 Debentures and be rated BBB+. Genworth Canada intends to use the proceeds from this offering to repay a portion of the 5.68% C$275 million debentures maturing June 15, 2020. Therefore, we expect its leverage to remain the same and coverage metrics to improve slightly on a pro-forma basis. Under our base

  
Brief Excerpt:

...May 16, 2019 NEW YORK (S&P Global Ratings) May 16, 2019--S&P Global Ratings said today that its ratings on Genworth MI Canada Inc. ("Genworth Canada")(###+/Stable/--) and its debt issuances are unchanged following the company's proposed additional issuance of up to C$100 million of its outstanding 4.242% debentures maturing in 2024 (2024 Debentures). Together, these issuances will form a single series and will have the same terms as the initial issuance of 2024 Debentures and be rated ###+. Genworth Canada intends to use the proceeds from this offering to repay a portion of the 5.68% C$275 million debentures maturing June 15, 2020. Therefore, we expect its leverage to remain the same and coverage metrics to improve slightly on a pro-forma basis. Under our base case for 2019, we expect leverage to be at or below 10%....

  
Report Type:

Bulletin

Issuer
Sagen MI Canada Inc.
GICS
Thrifts & Mortgage Finance (40102010)
Sector
Global Issuers
Country
Canada
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt" May 16, 2019. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Genworth-MI-Canada-Inc-Issues-Additional-Debentures-Due-2024-To-Repay-Earlier-Debt-2234256>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Genworth MI Canada Inc. Issues Additional Debentures Due 2024 To Repay Earlier Debt May 16, 2019. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Genworth-MI-Canada-Inc-Issues-Additional-Debentures-Due-2024-To-Repay-Earlier-Debt-2234256>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.