Earlier today, Genworth Financial Inc. (Genworth) through its intermediate holding company Enact Holdings Inc. (EHI; formerly known as Genworth Mortgage Holdings Inc.) and parent of Genworth Mortgage Insurance Corp. (GMICO), filed a red herring prospectus as it launches EHI's initial public offering (IPO) of approximately 18.4%. If successfully completed, EHI's minority shareholding through public listing and governance enhancements partially mitigate risks from Genworth's weaker creditworthiness. Proceeds from the IPO would help Genworth manage its 2021-2022 debt maturities and improve its liquidity. We are placing our ratings on Genworth and GMICO on CreditWatch with positive implications. The CreditWatch placement indicates that we would likely raise the ratings on a successful IPO completion. On May 4, 2021, S&P Global Ratings placed its
