Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance - S&P Global Ratings’ Credit Research

Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance

Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance - S&P Global Ratings’ Credit Research
Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance
Published Aug 21, 2020
5 pages (2306 words) — Published Aug 21, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Genworth Financial Inc. has issued $750 million of debt through its subsidiary, Genworth Mortgage Holdings Inc. (GMH). GMH is an intermediate holding company for the U.S. mortgage insurance operations. Although the new debt helps Genworth Financial Inc. service the February 2021 debt maturity, we believe the available funds would likely be insufficient to service the September 2021 debt maturity. The 'B-' rating on GNW remains on CreditWatch with negative implications, where it was placed May 15, 2020. On Aug. 21, 2020, S&P Global Ratings said its 'B-' long-term issuer credit rating on Genworth Financial Inc. (NYSE: GNW) and 'BB+' long-term financial strength and issuer credit ratings on Genworth Mortgage Insurance Corp. (GMICO; GNW's U.S. mortgage insurance business) remain on CreditWatch

  
Brief Excerpt:

...- Genworth Financial Inc. has issued $750 million of debt through its subsidiary, Genworth Mortgage Holdings Inc. (GMH). GMH is an intermediate holding company for the U.S. mortgage insurance operations. - Although the new debt helps Genworth Financial Inc. service the February 2021 debt maturity, we believe the available funds would likely be insufficient to service the September 2021 debt maturity. - The 'B-' rating on GNW remains on CreditWatch with negative implications, where it was placed May 15, 2020....

  
Report Type:

Research Update

Issuer
Genworth Financial Inc.
GICS
Life & Health Insurance (40301020)
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance" Aug 21, 2020. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Genworth-Financial-Inc-Ratings-Remain-On-CreditWatch-Negative-Due-To-Liquidity-Constraints-Despite-Recent-Debt-Issuance-2500923>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Genworth Financial Inc. Ratings Remain On CreditWatch Negative Due To Liquidity Constraints Despite Recent Debt Issuance Aug 21, 2020. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Genworth-Financial-Inc-Ratings-Remain-On-CreditWatch-Negative-Due-To-Liquidity-Constraints-Despite-Recent-Debt-Issuance-2500923>
  
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