Fitch Places Genworth's (GNW) Life Insurance Subsidiary Ratings on Watch Negative
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Late Friday, Fitch announced that it has placed Genworth Financial's (NYSE: GNW) primary life insurance subsidiary ratings on Rating Watch Negative. This action aligns the Rating Watch status for all Genworth ratings. The holding company and mortgage insurance companies' ratings remain on Rating Watch Negative where they were placed on June 5, 2008.
The rating action reflects Fitch's concerns over declining life insurance capital levels and the potential for additional investment impairments in the second half of 2008. In addition, Fitch views the overall organization as under some stress due to issues in the U.S. mortgage insurance operations. Earlier this week, GNW announced that its U.S. mortgage insurance operation is undergoing strategic review.
A resolution of the watch status on all GNW's ratings is expected within the next several weeks.
Genworth Financial, Inc., a financial security company, provides insurance, investment, and financial solutions in the United States and internationally.
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