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Related Issuers
General Repackaging ACES SPC 2007-2
General Repackaging ACES SPC 2007-3
General Repackaging ACES SPC 2007-7
Genworth Financial Inc
Genworth Global Funding Trust 2007-3
Genworth Global Funding Trust 2007-4
Genworth Global Funding Trust 2008-1
Genworth Global Funding Trust 2008-10
Genworth Global Funding Trust 2008-11
Genworth Global Funding Trust 2008-12
Genworth Global Funding Trust 2008-13
Genworth Global Funding Trust 2008-14
Genworth Global Funding Trust 2008-15
Genworth Global Funding Trust 2008-16
Genworth Global Funding Trust 2008-17
Genworth Global Funding Trust 2008-18
Genworth Global Funding Trust 2008-2
Genworth Global Funding Trust 2008-20
Genworth Global Funding Trust 2008-21
Genworth Global Funding Trust 2008-22
Genworth Global Funding Trust 2008-23
Genworth Global Funding Trust 2008-24
Genworth Global Funding Trust 2008-26
Genworth Global Funding Trust 2008-27
Genworth Global Funding Trust 2008-28
Genworth Global Funding Trust 2008-29
Genworth Global Funding Trust 2008-31
Genworth Global Funding Trust 2008-33
Genworth Global Funding Trust 2008-35
Genworth Global Funding Trust 2008-36
Genworth Global Funding Trust 2008-38
Genworth Global Funding Trust 2008-39
Genworth Global Funding Trust 2008-40
Genworth Global Funding Trust 2008-41
Genworth Global Funding Trust 2008-43
Genworth Global Funding Trust 2008-45
Genworth Global Funding Trust 2008-5
Genworth Global Funding Trust 2008-7
Genworth Global Funding Trust 2008-9
Genworth Holdings, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Genworth Life Insurance Company of New York
Genworth Life Insurance Group
Genworth Mortgage Insurance Corporation
Rating Action:

Moody's downgrades Genworth (sr debt to Ba3); outlook stable

05 Feb 2016

Approximately $4 billion of debt affected

On February 5, 2016, following initial publication, this press release was re-published to include the first six paragraphs of the Ratings Rationale section.

New York, February 05, 2016 -- Moody's Investors Service has downgraded the credit ratings of Genworth Holdings, Inc. (Genworth) -- senior unsecured debt downgraded to Ba3 from Ba1, the insurance financial strength (IFS) ratings of Genworth Life Insurance Company (GLIC) and Genworth Life Insurance Company of New York (GLICNY) to Ba1 from Baa1, and the IFS rating of Genworth Life and Annuity Insurance Company (GLAIC) to Baa2 from Baa1.

The rating action follows Genworth's announcement on February 4, 2016 that the company was suspending sales of life and fixed annuity products and actively seeking multiple restructuring options to separate and isolate its long term care (LTC) business. The outlook on Genworth Holdings and its life insurance subsidiaries is stable. Please see the complete list of ratings below.

The rating agency also confirmed the Ba1 IFS rating of Genworth Mortgage Insurance Corporation (GMICO) with a stable outlook. This rating action concluded the review for upgrade that was initiated on November 3, 2015. No other Genworth ratings were on review.

The ratings on Genworth's Australian mortgage insurance (MI) operations (A3 IFS rating, negative) are not part of this rating action.

RATINGS RATIONALE

Moody's downgrade of Genworth Holdings and its life insurance subsidiaries is largely driven by the deterioration in the financial flexibility of the holding company, somewhat offset by the company’s recent announcement that it was exploring options to separate and isolate its underperforming LTC business.

“While Genworth has meaningful holding company resources, including its stake in its global mortgage insurance operations and net cash and investments of over $1 billion, it has modest dividend capacity in aggregate from its insurance subsidiaries, relative to its debt load,” said Moody’s Senior Vice President Scott Robinson. “Furthermore, although Genworth has been successful with a number of transactions over the past year, and recently redeemed its 2016 debt maturity, the larger upcoming debt maturities – in 2018, and especially 2020 and 2021 – weigh on our view of the company’s financial flexibility.”

The credit rating agency said the downgrade of the IFS ratings of GLIC/GLICNY to Ba1 from Baa1 is due to the deterioration in the holding company’s financial flexibility, as well as the two companies’ expected further concentration in long duration and volatile LTC business given the company’s plan to separate and isolate the LTC business. Specifically, the downgrade reflects GLIC/GLICNY’s stand-alone credit profile given its LTC concentration, and removes the rating uplift previously provided by the diversification within the companies and embedded profits in the life and annuity business in GLAIC.

The downgrade of the IFS rating of GLAIC to Baa2 from Baa1 is due to the deterioration of the company’s business profile, as evidenced by its poor life and annuity sales and anticipated runoff status, as well as the deterioration in the group’s financial flexibility.

Commenting on the stable outlook on the Ba3 holding company senior debt rating, Moody’s noted that while the company is in a state of transition, its expectation is that the current ratings are appropriately positioned at the new level. Furthermore, the stable outlook on the ratings reflects Moody’s view that additional material deterioration is unlikely to occur over the 12-18 month time horizon of an outlook, as well as the fact that at the lower rating level, more potential volatility from Genworth is anticipated and incorporated into the current rating.

Moody’s added that its confirmation of GMICO’s Ba1 IFS rating with a stable outlook balances GMICO’s improving fundamentals, including compliance with Fannie Mae’s and Freddie Mac’s capital standards, against the deterioration of financial flexibility at Genworth Holdings, as reflected in our downgrade of the holding company’s debt. Because of the group’s weakened financial flexibility, Moody’s believes that GMICO is unlikely to receive meaningful support from the group if the need arose and, conversely, would likely pay dividends to the parent once meaningful dividend capacity has been restored.

Rating Drivers -- US life insurance operating subsidiaries

Moody's stated that the following factors could result in GLAIC's rating being upgraded: 1) stability in statutory earnings and return on statutory surplus greater than 10%, and 2) improvement in financial flexibility at the holding company (i.e., reduction in and/or refinancing of 2018 and 2020/2021 debt maturities).

Moody's stated that the following factors could result in GLIC's/GLICNY's ratings being upgraded: 1) significant LTC rate approvals and/or other actions that help grow margins in the legacy LTC book of business, and 2) improvement in financial flexibility at the holding company (i.e., reduction in and/or refinancing of 2018 and 2020/2021 debt maturities).

Conversely, factors that could result in a downgrade of GLAIC's rating include: 1) RBC ratio less than 350% of company action level (CAL), 2) return on statutory surplus less than 5%, and 3) lack of progress in addressing upcoming debt maturities in 2018 and 2020/2021.

Factors that could result in a downgrade of GLIC's/GLICNY's ratings include: 1) further deterioration of the margins on LTC reserves, increasing the probability of a material reserve charge in the future, 2) RBC ratio less than 300% CAL, and 3) denial of LTC rate approvals, pressuring reserve adequacy of legacy LTC business.

Rating Drivers - US mortgage insurance

An improvement in the group's financial flexibility, including a clear path to managing the debt maturities in 2018 and 2020/2021, could lead to an upgrade of GMICO's rating. Conversely, a further decline in the group's financial flexibility or non-compliance with Fannie Mae's and Freddie Mac's capital standards could lead to a downgrade of GMICO.

Rating Drivers -- Holding company

The following could result in an upgrade of the holding company's ratings: 1) an upgrade of Genworth's life insurance subsidiaries and/or an upgrade of the US MI operations; and 2) successful separation and isolation of the LTC business and improvement of holding company financial flexibility (i.e., reduction in and/or refinancing of 2018 and 2020/2021 debt maturities). Conversely, the following could result in a downgrade of the holding company's ratings: 1) further downgrade of the US life insurance operations; and 2) lack of progress in addressing upcoming debt maturities in 2018 and 2020/2021.

The following ratings were downgraded with a stable outlook:

Genworth Holdings, Inc.: backed senior unsecured to Ba3 from Ba1, backed junior subordinate to B1 (hyb) from Ba2 (hyb), backed provisional senior unsecured shelf to (P)Ba3 from (P)Ba1, backed provisional subordinate shelf to (P)B1 from (P)Ba2;

Genworth Life Insurance Company: insurance financial strength to Ba1 from Baa1;

Genworth Life Insurance Company of New York: insurance financial strength to Ba1 from Baa1;

General Repackaging ACES SPC 2007-2, 3, 7: funding agreement-backed senior secured notes to Ba1 from Baa1;

Genworth Life and Annuity Insurance Company: insurance financial strength to Baa2 from Baa1.

Genworth Global Funding Trusts: funding agreement-backed senior secured MTN notes to Baa2 from Baa1.

The following rating was confirmed with a stable outlook:

Genworth Mortgage Insurance Corporation -- Ba1 insurance financial strength.

Genworth Holdings is the intermediate holding company of Genworth Financial, Inc., an insurance and financial services holding company headquartered in Richmond, Virginia. The group reported a net operating loss of $255 million for 2015, compared with a loss of $398 million for period one year earlier.

The principal methodologies used in rating Genworth Holdings, Inc. were Global Life Insurers published in December 2015, and Mortgage Insurers published in December 2015. The principal methodology used in rating Genworth Mortgage Insurance Corporation was Mortgage Insurers published in December 2015. The principal methodology used in rating Genworth Life Insurance Company, Genworth Life Insurance Company of New York, General Repackaging ACES SPC 2007-2, General Repackaging ACES SPC 2007-3, General Repackaging ACES SPC 2007-7, Genworth Life and Annuity Insurance Company, and Genworth Global Funding Trusts was Global Life Insurers published in December 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The person who approved Genworth Holdings, Inc., Genworth Life Insurance Company, Genworth Life Insurance Company of New York, General Repackaging ACES SPC 2007-2, General Repackaging ACES SPC 2007-3, General Repackaging ACES SPC 2007-7, Genworth Life and Annuity Insurance Company, and Genworth Global Funding Trusts credit ratings is Robert Riegel, MD - Insurance, Financial Institutions Group, Journalists Tel 212-553-0376, Subscribers Tel 212-553-1653. The person who approved Genworth Mortgage Insurance Corporation credit ratings is Stanislas Rouyer, Associate Managing Director, Finance, Securities and Insurance Group, Journalists Tel 212-553-0376, Subscribers Tel 212-553-1653.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Scott Robinson
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's downgrades Genworth (sr debt to Ba3); outlook stable
No Related Data.
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