Genworth Financial Mortgage Insurance Pty Ltd. Ratings Lowered; Outlook Negative

MELBOURNE (Standard&Poor's) Nov. 7, 2014-- Standard&Poor's Ratings Services said today that it has lowered its long-term counterparty credit and senior unsecured debt ratings on Genworth Financial Inc. to 'BB+' from 'BBB-'. We also lowered our financial strength ratings on Genworth Life Insurance Co., Genworth Life and Annuity Insurance Co., and Genworth Life Insurance Co. of New York to 'BBB+' from 'A-'. The outlook is negative. Along with ratings actions on a number of other subsidiaries of the Genworth group, we lowered our financial strength ratings on Genworth Financial Mortgage Insurance Pty Ltd., the active Australian lenders' mortgage insurance (LMI) business, to 'A+' from 'AA-', with the ratings being capped at three notches above the group credit

...MELBOURNE (Standard & Poor's) Nov. 7, 2014-- Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit and senior unsecured debt ratings on Genworth Financial Inc. to '##+' from '###-'. We also lowered our financial strength ratings on Genworth Life Insurance Co., Genworth Life and Annuity Insurance Co., and Genworth Life Insurance Co. of New York to '###+' from 'A-'. The outlook is negative. Along with ratings actions on a number of other subsidiaries of the Genworth group, we lowered our financial strength ratings on Genworth Financial Mortgage Insurance Pty Ltd., the active Australian lenders' mortgage insurance (LMI) business, to 'A+' from '##-', with the ratings being capped at three notches above the group credit profile. The outlook is negative. We affirmed our 'A-' rating on Australian LMI run-off subsidiary Genworth Financial Mortgage Indemnity Ltd. with a stable outlook. The downgrade of the core U.S. life insurance companies to '###+'...

Ratings Action