Enact Receives Ratings Upgrade from Moody’s
July 22 2022 - 6:50AM
Enact Holdings, Inc. (Nasdaq: ACT) (Enact) a
leading provider of private mortgage insurance through its
insurance subsidiaries, today announced that Moody’s Investors
Service upgraded the insurance financial strength rating for its
flagship insurance subsidiary – Enact Mortgage Insurance
Corporation - to Baa1 from Baa2, and Enact’s long-term issuer
rating and senior unsecured debt rating to Ba1 from Ba2. The
outlook for the ratings is stable.
“This ratings upgrade reflects Moody’s recognition of Enact's
market position and performance, and underscores the strength of
our balance sheet and financial flexibility,” said Rohit Gupta,
Chief Executive Officer. “We look forward to continuing to serve
our lender partners across the U.S. and creating long-term value
for our stakeholders.”
Additional information regarding the rating changes can be found
in the full reports issued by Moody's this week.
About Enact Holdings,
Inc.Enact (Nasdaq: ACT), operating
principally through its wholly-owned subsidiary Enact Mortgage
Insurance Corporation since 1981, is a leading U.S. private
mortgage insurance provider committed to helping more people
achieve the dream of homeownership. Building on a deep
understanding of lenders' businesses and a legacy of financial
strength, we partner with lenders to bring best-in class service,
leading underwriting expertise, and extensive risk and capital
management to the mortgage process, helping to put more people in
homes and keep them there. By empowering customers and their
borrowers, Enact seeks to positively impact the lives of those in
the communities in which it serves in a sustainable way. Enact is
headquartered in Raleigh, North Carolina.
Safe Harbor Statement This communication
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act. These forward-looking
statements are based on current expectations, forecasts and
assumptions that invovle risks and uncertainties that could cause
actual outcomes and results to differ materially, including
statements related to use of the proceeds from the facilties,
maturity dates and extension options, and ability to increase the
facilities. These forward-looking statements are distinguished by
use of words such as “will,” “may,” “would,” “anticipate,”
“expect,” “believe,” “designed,” “plan,” “predict,” “project,”
“target,” “could,” “should,” or “intend,” the negative of these
terms, and similar references to future periods. These views
involve risks and uncertainties that are difficult to predict and,
accordingly, our actual results may differ materially from the
results discussed in our forward-looking statements, including the
potential for future dividend payments which will be determined in
consultation with the Board of Directors, and after considering
economic and regulatory factors, current risks to the Company, and
subsidiary performance. For a list of risks and uncertainties,
please see the Company’s reports and other filings with the U.S.
Securities and Exchange Commission. Although Enact believes the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, the Company can give no assurance that
its expectations will be achieved and it undertakes no obligation
to update publicly any forward-looking statements as a result of
new information, future events, or otherwise, except as required by
applicable law.
Investor Contact
Daniel Kohl
EnactIR@enactmi.com
Media Contact
Brittany Harris-Flowers
brittany.harris-flowers@enactmi.com
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