Genworth Financial Inc. Ratings Affirmed, Life Subsidiaries Downgraded; All Removed From CreditWatch, Outlook Negative

We are concerned about concentration in long-term care insurance since Genworth ceased new life insurance and annuity sales earlier this year. We have lowered our ratings on Genworth Financial's U.S. life insurance companies and affirmed our ratings on Genworth Mortgage Insurance Corp. and Genworth Financial. We have removed all ratings from CreditWatch. The negative outlook reflects our concerns over strategic uncertainty, prospective operating performance and capital strength in the U.S. life insurance division, and group financial flexibility. SAN FRANCISCO (S&P Global Ratings) Sept. 15, 2016--S&P Global Ratings said today that it lowered its financial strength ratings on Genworth Life Insurance Co. (GLIC), Genworth Life and Annuity Insurance Co. (GLAIC), and Genworth Life Insurance Co. of New York (GLICNY) to 'BB-'

...+ We are concerned about concentration in long-term care insurance since Genworth ceased new life insurance and annuity sales earlier this year. + We have lowered our ratings on Genworth Financial's U.S. life insurance companies and affirmed our ratings on Genworth Mortgage Insurance Corp. and Genworth Financial. + We have removed all ratings from CreditWatch. + The negative outlook reflects our concerns over strategic uncertainty, prospective operating performance and capital strength in the U.S. life insurance division, and group financial flexibility. SAN FRANCISCO (S&P Global Ratings) Sept. 15, 2016--S&P Global Ratings said today that it lowered its financial strength ratings on Genworth Life Insurance Co. (GLIC), Genworth Life and Annuity Insurance Co. (GLAIC), and Genworth Life Insurance Co. of New York (GLICNY) to '##-' from '##'. We also affirmed our '##+' long-term counterparty credit and financial strength ratings on Genworth Mortgage Insurance Corp. We affirmed our 'B' long-term...

Ratings Action