S&P lowers Genworth Life

S&P said it lowered its long-term issuer credit ratings on Genworth Financial Inc.'s life insurance companies, Genworth Life Insurance Co. (GLIC), Genworth Life Insurance Co. of New York (GLICNY) and Genworth Life and Annuity Insurance Co. (GLAIC), to B- from B+.

The outlook on all three entities is stable.

At the same time, S&P revised the CreditWatch to developing from negative on Genworth Mortgage Insurance Corp. (GMICO), Genworth Financial Inc. and Genworth Holdings Inc., given the continued uncertainty related to the China Oceanwide transaction.

Our ratings on Genworth's Australia- and Canada-based mortgage insurance units remain unchanged.

“The rating actions are based on our opinion of the current creditworthiness of Genworth Financial and its U.S. subsidiaries, and are part of our normal credit surveillance. These rating actions are not triggered by any newly disclosed information regarding the (two-year) pending acquisition of Genworth Financial by China Oceanwide, or the likelihood of this transaction receiving the necessary regulatory approvals,” S&P said in a news release.

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