A.M. Best Places Ratings of Genworth Financial, Inc. and Subsidiaries Under Review with Developing Implications
May 01 2015 - 4:39PM
Business Wire
A.M. Best has placed the financial strength rating of A-
(Excellent) and the issuer credit ratings (ICR) of “a-” of the key
life/health subsidiaries of Genworth Financial, Inc.
(Genworth) (Richmond, VA) [NYSE:GNW] under review with developing
implications. Additionally, the ICR of “bbb-” of Genworth and its
existing debt ratings have been placed under review with developing
implications.
The actions follow Genworth’s statements during its first
quarter 2015 earnings conference call that it is assessing market
interest and considering the merits of selling its life and annuity
businesses. The under review status reflects the ambiguity
surrounding the structure and components of a potential sale.
Additionally, A.M. Best’s view of a divestiture of businesses that
provide both stable earnings and diversification to the enterprise
would likely be a credit negative. Moreover, if a transaction is
consummated, the impact of proceeds would need to be
considered.
A.M. Best anticipates that Genworth’s ratings will likely remain
under review until the completion of the company’s strategic review
is announced, or if a buyer for the life and/or annuity businesses
is identified.
For a complete listing of Genworth Financial, Inc. and its
subsidiaries’ FSRs, ICRs and debt ratings, please visit Genworth
Financial, Inc.
The methodology used in determining these ratings is Best’s
Credit Rating Methodology, which provides a comprehensive
explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Best’s
Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Insurance Holding Company and Debt
Ratings
- Rating Members of Insurance Groups
- Risk Management and the Rating Process
for Insurance Companies
This press release relates to rating(s) that have been
published on A.M. Best's website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
A.M. Best Company, Inc.Kate Steffanelli, FLMI,
908-439-2200, ext. 5063Senior Financial
Analystkate.steffanelli@ambest.comorAndrew Edelsberg,
CPA, FLMI, 908-439-2200, ext. 5182Vice
Presidentandrew.edelsberg@ambest.comorChristopher
Sharkey, 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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