Genworth Financial (GNW) Ratings Remain on CreditWatch Negative - S&P

S&P Global Ratings said that its ratings on Genworth Financial Inc. (NYSE: GNW) and its rated U.S. subsidiaries remain on CreditWatch following the release of its second-quarter 2016 financial results and Genworth management's public commentary. Second-quarter 2016 consolidated net operating income totaled $123 million compared with $119 million in second-quarter 2015, generally in line with our expectations. Genworth management noted ongoing discussions with its regulators and some regulatory resistance to management's previously stated plan of a complete unstacking of the U.S. life division in the near term in its attempt to isolate its long-term care business. Management stated that it is targeting a partial unstacking by the end of the first half of 2017 and that strategic updates would be provided as warranted.

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