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. On Sept. 15, 2016, S&P Global Ratings 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-' from 'BB'. We also affirmed our 'BB+'
