Genworth Financial Inc. has announced that it has entered into a definitive agreement to be purchased in its entirety by China-based China Oceanwide Holdings Group. We are placing our ratings on Genworth and its U.S. mortgage insurance and life subsidiaries on CreditWatch with developing implications. We are also placing the company's subsidiaries focused on long-term care, Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York, on CreditWatch with negative implications. Our ratings on Genworth's Australia- and Canada-based subsidiaries remain unaffected due to a certain level of insulation from group level developments. On Oct. 24, 2016, S&P Global Ratings placed its ratings on Richmond, Va.-based Genworth Financial Inc., as well as the ratings on its U.S.-based mortgage insurance
