A.M. Best Downgrades Credit Ratings of Genworth Financial, Inc. and Its Affiliates; Maintains Under-Review Status With Implications Revised to Developing
The ratings of GLIC reflect its balance sheet strength, which
GLIC’s operations remain focused on the long-term care market (LTC), which
From a holding company standpoint, management has been able to formulate adequate financial flexibility, given a limited ability to access the equity markets at this time.
All ratings will remain under review pending the outcome of
The following Long-Term IRs have been downgraded, with the under-review status maintained and the implications revised to developing from negative:
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “b” from “bb-” on
-- to “ccc+” from “b” on
The following indicative Long-Term IRs on securities available under the universal shelf registration have been downgraded with the under-review status maintained and the implications revised to developing from negative:
-- to “b” from “bb-” on senior unsecured debt
-- to “b-” from “b+” on subordinated debt
-- to “ccc+” from “b” on preferred stock
-- to “b” from “bb-” on senior unsecured debt
-- to “b-” from “b+” on subordinated debt
-- to “ccc+” from “b” on preferred stock
Genworth Global Funding Trusts—program rating to “bbb-” from “bbb”
-- to “bbb-” from “bbb” on all outstanding notes issued under the program
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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