Genworth Financial GNW today issued the following statement in response to Moody's Investors
Service extension of their review for potential downgrade
of the company's senior unsecured debt rating. Moody's also extended the
rating review of the U.S. mortgage insurance business.
Genworth continues to work with Moody's on their rating evaluation of the
holding company and the U.S. mortgage insurance business. The company is
pursuing various plans to manage the U.S. mortgage insurance business and its
linkages and dependencies to the holding company. As stated before, the
company does not believe run-off, a sale or spin-off of that business are the
most beneficial options for shareholders at this time.
"We are acting with focus and urgency and believe that the actions we are
pursuing will improve returns, strengthen the company's financial position,
support a stronger credit profile and drive greater value for our
shareholders," said Martin P. Klein, Acting Chief Executive Officer and Chief
Financial Officer.
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