Moody’s turns Enact outlook to positive

Moody’s Ratings said it changed its outlook for Enact Holdings, Inc. to positive from stable and affirmed its Baa3 issuer and senior unsecured ratings.

“The positive outlook reflects upward pressure on the group’s credit profile due to sustained profitability as high persistency and higher investment income help offset the potential for higher defaults in the months ahead,” the agency said in a press release.

Moody’s noted the U.S. mortgage insurance sector has benefited from a robust housing market and low unemployment rates, which have helped default rates trend lower over the past few years.

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