Competitive provider of residential mortgage insurance. Challenged long-term care business, with life and annuity product lines in run-off. Low industry and country risk. We view operating performance negatively due to adverse reserve development, uncertain price adequacy in long-term care insurance, and the negative influence of prolonged low interest rates. Consolidated capital is upper adequate, with the expectation the company will maintain capital at the 'BBB' level. Moderate risk position due to inherent earnings and capital volatility. Less-than-adequate financial flexibility, reflecting low fixed-charge coverage and the constrained dividend capacity of the U.S. operating subsidiaries. The group credit profile (GCP) is 'bb'. The GCP includes all of Genworth Financial except for its Australia- and Canada-based mortgage insurance units, which are currently rated
