Genworth Financial Inc. faces significant financial obligations in the next 12-18 months and the anticipated holding company resources may not be sufficient to service the debt maturities due toward the end of 2021. The China Oceanwide acquisition, which was extended for the 14th time, and the subsequent capital contributions to address upcoming maturities are less than certain. Alternate plans to issue new debt to address near-term obligations may increase the debt burden, which in combination with the stressed economic conditions could lead to further deterioration in Genworth's financial risk profile, which is already under strain. We are lowering the holding company issuer credit rating to 'B-' from 'B' and revising the CreditWatch implications to negative from developing. The CreditWatch placement
