Genworth Financial Inc. has significantly reduced leverage on its balance sheet in the past 12 months, resulting in improved financial flexibility and alleviated liquidity risk. We therefore raised our issuer credit rating on Genworth to 'B+' from 'B'. The positive outlook reflects our view that Genworth's financial profile could further improve, supported by regular dividend flows from its main U.S. mortgage insurance operations. On March 11, 2022, S&P Global Ratings raised its long-term issuer credit ratings on Genworth Financial Inc. and Genworth Holdings Inc. to 'B+' from 'B'. The outlook is positive. At the same time, we affirmed our 'BBB' financial strength and issuer credit ratings on Enact Mortgage Insurance Corp. (EMICO). We also affirmed our 'BB' issuer credit rating
