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Announcement:

Correction to Text, February 3, 2011 Release: Moody's reviews Genworth ratings for possible downgrade

Global Credit Research - 09 Feb 2011

New York, February 09, 2011 -- Add actions for the Insurance Financial Strength rating for Genworth Financial Mortgage Insurance Limited and the Short Term Insurance Financial Strength rating for Genworth Life Insurance Company and Genworth Life and Annuity Insurance Company in the seventh paragraph.

Revised press release follows:

Moody's Investors Service has placed the debt ratings of Genworth Financial, Inc. ("Genworth"; NYSE: GNW, senior debt at Baa3), as well as the A2 insurance financial strength (IFS) ratings of the company's primary life insurance operating subsidiaries and the Baa2 IFS ratings of Genworth Mortgage Insurance Corporation and its supported affiliates (collectively, "GMICO"), on review for possible downgrade.

Moody's says the review follows Genworth's announcement of its 4Q10 results—a net operating loss of $135 million, including a loss of $352 million in U.S. Mortgage Insurance (MI). Continuing deterioration of the firm's U.S. MI financial results and regulatory capital position are the primary drivers of the review, as well as the continuing challenging economic environment for MI, which could meaningfully affect portfolio performance trends in the coming quarters. Results in Retirement and Protection and International, $138 million and $117 million, respectively, were in line with the rating agency's expectations.

According to Scott Robinson, Senior Vice President: "The review for possible downgrade largely reflects the continued uncertainty with the MI operations. While we do not anticipate that Genworth would divert resources from its life companies to support its MI operations in an amount that would diminish our view of capital adequacy at the life operations, the weakened MI company could place pressure on the overall organization's financial flexibility."

Moody's believes that profitability of the MI business remains highly uncertain. During its review, Moody's will evaluate the projected capital adequacy and profitability of GMICO as well as the life company under various stress scenarios. Moody's will a) update its assessment of GMICO's profitability and b) re-evaluate GMICO's capital adequacy profile. Moody's will also evaluate the life company's capital position under various stress scenarios as well as the potential of financial support to the U.S. MI operations. The rating agency noted that the life insurance company ended the year with strong regulatory capital levels, approximately 390% in terms of NAIC risk based capital. Additionally, the company reported $1 billion of cash and highly liquid securities at its holding company, which it can use to repay $541 million of senior notes and preferred stock maturing in 2011. The following year, in 2012, the company has $222 million of senior notes maturing.

Moody's added that a downgrade of the MI company may or may not result in a downgrade of the life IFS (depending upon the potential of financial support from the life operations) and/or holding company ratings. Genworth's Baa3 senior debt rating is 4 notches lower than the A2 IFS rating of the company's lead life insurance companies and 1 notch lower than the IFS rating of the company's U.S. MI operating company. The notching differential between the main life insurance operating entities and the holding company is greater than the standard 3 notches, a reflection of the lower rating of the MI company.

Moody's ratings of Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) were not part of this rating action.

The following ratings were placed under review for downgrade:

Genworth Financial, Inc.— Senior unsecured at Baa3, junior subordinated debt at Ba1(hyb), preferred stock at Ba2(hyb), senior unsecured shelf at (P)Baa3, subordinate shelf at (P)Ba1, preferred shelf at (P)Ba2, commercial paper at P-3

Genworth Life Insurance Company—Insurance financial strength rating at A2, short term insurance financial strength rating at P-1

Genworth Life and Annuity Insurance Company—Insurance financial strength rating at A2, short term insurance financial strength rating at P-1

Genworth Life Insurance Company of New York—Insurance financial strength rating at A2

Genworth Mortgage Insurance Corporation—Insurance financial strength rating at Baa2

Genworth Residential Mortgage Insurance Corporation of NC—Insurance financial strength rating at Baa2

Genworth Global Funding Trusts—Funding agreement-backed senior secured Medium-Term Note Program at (P)A2

Genworth Global Funding Trusts 2006-B through E; 2007-A through C; 2007-3 through 4; 2008-1 through 2; 2008-5; 2008-7; 2008-9 through 49 — Funding agreement-backed senior secured debt at A2

Genworth Life Institutional Funding Trust—Funding agreement backed senior secured debt at A2, senior secured Medium-Term Note Program at (P)A2

General Repackaging ACES SPC, Series 2007-2; Series 2007-3; Series 2007-6; Series 2007-7—Funding agreement-backed senior secured debt at A2

Premium Asset Trust Series 2001-3; Series 2005-3—Funding agreement-backed senior secured debt at A2

Genworth Seguros de Credito a la Vivienda (Mexico)—Insurance financial strength rating at Baa3, national scale insurance financial strength rating at Aa3.mx

Genworth Financial Mortgage Insurance Limited - Insurance financial strength rating at Baa3

Genworth Financial, Inc., headquartered in Richmond, Virginia, reported shareholders' equity of $13.9 billion as of December 31, 2010, up from $12.3 billion as of December 31, 2009.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. Please see Moody's website at www.moodys.com/insurance for more information.

The principal methodology used in rating Genworth and its affiliates was "Moody's Global Rating Methodology for Life Insurers," published in May 2010.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Robert Riegel
MD - Insurance
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Scott Robinson
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to Text, February 3, 2011 Release: Moody's reviews Genworth ratings for possible downgrade
No Related Data.
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