Genworth Financial Doesn't See Sale or Spinoff of Operations Beneficial

Genworth Financial

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.