Genworth Canada Ratings Affirmed On Announced Acquisition By Brookfield Business Partners; Outlook Stable

Brookfield Business Partners has announced it is acquiring a 57% stake of Genworth MI Canada from Genworth Financial Inc. for about C$2.4 billion (US$1.8 billion) or C$48.86 per share. Upon close of the transaction, we understand that the Genworth Financial board appointees, except for Genworth Canada's CEO, will be replaced by Brookfield-appointees while maintaining the current mix of four independent directors. We are affirming our 'A+' ratings on Genworth MI Canada's core operating subsidiary and our 'BBB+' issuer credit rating on the holding company and rated debt issuance. The outlook is stable based on our expectation that key credit factors supporting the rating will remain largely intact. NEW YORK (S&P Global Ratings) Aug. 15, 2019--S&P Global Ratings affirmed its 'A+'

...+ Brookfield Business Partners has announced it is acquiring a 57% stake of Genworth MI Canada from Genworth Financial Inc. for about C$2.4 billion (US$1.8 billion) or C$48.86 per share. + Upon close of the transaction, we understand that the Genworth Financial board appointees, except for Genworth Canada's CEO, will be replaced by Brookfield-appointees while maintaining the current mix of four independent directors. + We are affirming our 'A+' ratings on Genworth MI Canada's core operating subsidiary and our '###+' issuer credit rating on the holding company and rated debt issuance. + The outlook is stable based on our expectation that key credit factors supporting the rating will remain largely intact. NEW YORK (S&P Global Ratings) Aug. 15, 2019--S&P Global Ratings affirmed its 'A+' insurer financial strength and issuer credit ratings on operating company Genworth Financial Mortgage Insurance Co. Canada (Genworth Canada) and '###+' issuer credit rating on holding company Genworth MI Canada...

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