Genworth Financial Inc. And Subsidiaries Upgraded On Mortgage Insurance Subsidiary's IPO; Outlook Positive

Enact Holdings Inc. (EHI), parent of Genworth Mortgage Insurance Corp. (GMICO), has announced the completion of its initial public offering. EHI's minority shareholding through public listing and governance enhancements partially mitigate risks from Genworth Financial Inc.'s (Genworth) weaker creditworthiness. Net IPO proceeds of $535 million help Genworth in managing its near-term obligations and improve its liquidity. S&P Global Ratings has removed its ratings on Genworth and its subsidiaries from CreditWatch with positive implications, where they were placed on May 4, 2021. At the same time, we have raised our ratings on Genworth and GMICO. The positive outlook on the Genworth ratings reflects an improving trendline for leverage, whereas that on the GMICO ratings reflects potential for improvement in its ability

...September 24, 2021 - Enact Holdings Inc. (EHI), parent of Genworth Mortgage Insurance Corp. (GMICO), has announced the completion of its initial public offering. - EHI's minority shareholding through public listing and governance enhancements partially mitigate risks from Genworth Financial Inc.'s (Genworth) weaker creditworthiness. - Net IPO proceeds of $535 million help Genworth in managing its near-term obligations and improve its liquidity. - S&P Global Ratings has removed its ratings on Genworth and its subsidiaries from CreditWatch with positive implications, where they were placed on May 4, 2021. - At the same time, we have raised our ratings on Genworth and GMICO. The positive outlook on the Genworth ratings reflects an improving trendline for leverage, whereas that on the GMICO ratings reflects potential for improvement in its ability to compete more effectively. TORONTO (S&P Global Ratings) Sept. 24, 2021--S&P Global Ratings said today it removed its ratings on Genworth and its...

Ratings Action