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Rating Action:

Moody's reviews Genworth ratings for possible downgrade

10 Feb 2009

Approximately $4.2 billion of debt affected

New York, February 10, 2009 -- Moody's Investors Service has placed the debt ratings of Genworth Financial, Inc. ("Genworth"; NYSE: GNW, senior debt at Baa1), as well as the A1 insurance financial strength (IFS) ratings of the company's primary life insurance operating subsidiaries, on review for possible downgrade.

The review follows Genworth's announcement of its 4Q08 results, including a net loss of $321 million, which included $149 million of realized capital losses and $238 million of goodwill write-down. The rating agency said that any downgrade would likely be limited to one notch.

According Scott Robinson, Vice President and Senior Credit Officer: "The review for possible downgrade reflects the continued uncertainty with the mortgage insurance (MI) operations, as well as the impact of the stressed credit market and economic conditions on Genworth's life insurance operations." He added: "While we do not anticipate that Genworth would take resources from its life companies to support its MI operations, the weakened MI company could place pressure on the overall organization's financial flexibility."

Moody's will continue to evaluate the impact of Genworth's MI business on the rest of the Genworth organization, as well as the strategic alternatives the company is evaluating related to its international businesses and domestic MI business. A multiple notch downgrade of the U.S. MI operations may result in a downgrade of the holding company's debt ratings and the life insurers' IFS ratings.

Robinson commented : "If Genworth receives significant TARP capital from the government, this could alleviate much of the downward rating pressure." Also, the sale of an operation that materially improves the financial flexibility of the holding company and the capitalization of the life company could result in the ratings being confirmed.

Moody's noted that the life insurance company ended the year with strong regulatory capital levels, well above 400% in terms of NAIC risk based capital. Additionally, the company reported robust cash positions after drawing down on its bank credit facility late last year to fund its upcoming $700 million of debt maturities in May and June. Genworth repurchased approximately $400 million of the original $1.1. billion of debt due in 2009 during the fourth quarter of 2008 and ended the year with approximately $900 million of cash at the holding company.

Notwithstanding these strengths, Moody's believes it likely that profitability and capital generation will remain under pressure because of investment losses over the near to medium term. During its review, Moody's will evaluate the impact of the current economic environment on the life insurance company's investment portfolio, profitability, and business profile. The rating agency will evaluate the potential magnitude of future asset impairments, particularly on corporate bonds, as well as structured mortgage-related assets (e.g. RMBS and CMBS) and commercial mortgage loans. In terms of the life companies' business profile, Moody's will review how the current market conditions may impact the company's prospective market position and growth in certain product lines.

Moody's ratings of Genworth's MI businesses (except Genworth Seguros de Credito a la Vivienda S.A. (Mexico)), remain under review for possible downgrade. The rating agency said it will comment separately on the ratings of the MI entities in the near term.

The following ratings were placed under review for downgrade:

Genworth Financial, Inc.--senior unsecured debt at Baa1, junior subordinated debt at Baa2, preferred stock at Baa3, provisional senior unsecured debt shelf at (P)Baa1, provisional subordinated debt shelf at (P)Baa2, and provisional preferred stock shelf at (P)Baa3;

Genworth Life Insurance Company—insurance financial strength rating at A1;

Genworth Life Insurance Company of New York—insurance financial strength rating at A1;

Genworth Life and Annuity Insurance Company -- insurance financial strength at A1;

Genworth Life Institutional Funding Trusts--funding agreement-backed senior secured debt rating at A1;

Genworth Global Funding Trusts--funding agreement-backed senior secured debt rating at A1;

Genworth Global Funding Trusts 2005-A; 2006-B through E, G; 2007-A through D; 2007-1 through 5; 2008-1 through 49--funding agreement-backed senior secured debt rating at A1;

General Repackaging ACES SPC 2007-2, General Repackaging ACES SPC 2007-3, General Repackaging ACES SPC 2007-6, General Repackaging ACES SPC 2007-7—funding agreement-backed senior secured debt rating at A1;

Premium Asset Trust - Series 2001-3, Series 2001-8, Series 2004-10, Series 2005-3, Series 2005-6 through 7—funding agreement-backed senior secured debt rating at A1;

Genworth Seguros de Credito a la Vivienda S.A. (Mexico)--insurance financial strength rating at Baa1 (guaranteed by Genworth Financial, Inc.).

The following ratings were affirmed:

Genworth Financial, Inc. -- short-term debt rating for commercial paper at Prime-2;

Genworth Life Insurance Company--short-term insurance financial strength rating at Prime-1;

Genworth Life and Annuity Insurance Company--short-term insurance financial strength rating at Prime-1;

Premium Asset Trust Series 2004-10—funding agreement-backed senior secured debt at Prime-1;

Genworth Seguros de Credito a la Vivienda S.A. (Mexico)—national scale insurance financial strength rating at Aa1.mx (guaranteed by Genworth Financial, Inc.).

Genworth Financial, Inc., headquartered in Richmond, Virginia, reported shareholders' equity of $8.9 billion as of December 31, 2008, down from $13.5 billion as of December 31, 2007. For the fourth quarter of 2008, the company reported a net loss of $321 million, compared to net income of $180 million in the year-ago period.

The last rating action on Genworth occurred on November 10, 2008, when Moody's downgraded the debt ratings of Genworth (senior debt to Baa1 from A2) as well as the IFS ratings of the company's primary life insurance operating subsidiaries to A1 from Aa3.

The principal methodology used in rating Genworth was Moody's Global Rating Methodology for Life Insurers, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

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

For more information please visit Moody's website at www.moodys.com/insurance.

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

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

Moody's reviews Genworth ratings for possible downgrade
No Related Data.
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