Genworth upgraded by Moody’s on ‘tremendous progress’
US-based insurance holding Genworth Financial has secured a rating upgrade from Moody’s Investors Service, reflecting “tremendous progress” in improving its financial profile.
Moody’s has lifted the senior unsecured debt rating of Genworth from B1 to Ba2, up two notches. The outlook for the rating is stable.
According to the agency, the company has improved its liquidity position and financial flexibility following the improvement in its debt ladder that includes the expected retirement of its 2024 senior debt in Q3 2022.
“This upgrade from Moody’s, which is the fourth upgrade we have received from rating agencies since September 2021, reflects the tremendous progress we have made in improving our financial profile,” said Daniel Sheehan (pictured), Genworth’s chief financial officer and chief investment officer of Genworth.
“We have significantly reduced debt which has strengthened our balance sheet and reduced risk. Looking ahead, we will build off of this strong foundation by executing on our strategic priorities.”
The insurer financial strength ratings of Genworth’s life insurance subsidiaries, which include Genworth Life Insurance Company, Genworth Life Insurance Company of New York and Genworth Life and Annuity Insurance Company, were unaffected by the ratings action.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze