Enact Holdings (ACT) Announces Credit Ratings Upgrades by Fitch, Moody's and S&P

September 27, 2021 8:46 AM EDT

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Enact Holdings, Inc. (Nasdaq: ACT) a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that ratings agencies have made several updates to various ratings and outlooks for the company and its core insurance subsidiary, Genworth Mortgage Insurance Corporation (GMICO).

  • On September 17, Fitch Ratings upgraded Enact's insurer financial strength rating of GMICO to 'BBB+' from 'BBB-'. Fitch also upgraded Enact's issuer default rating to 'BBB-' from 'BB' and the senior debt rating to 'BB+' from 'BB-'. The ratings have been removed from Rating Watch Positive and the Rating Outlook is Stable.
  • On September 21, Moody's Investors Service upgraded GMICO's insurance financial strength rating to Baa2 from Baa3, and Enact's long term issuer rating and senior unsecured debt rating to Ba2 from Ba3. The outlook for the ratings is stable.
  • On September 24, S&P Global Ratings raised its long-term financial strength and issuer credit rating on GMICO to 'BBB' from 'BB+' and assigned its 'BB' long-term issuer credit rating to Enact. The outlook is positive.

The ratings upgrades from the agencies reflect Enact's strong position in the U.S. mortgage insurance industry, strong capital position and financial flexibility, enhanced governance, and declining delinquency rate.

"Combined with Enact's strong customer relationships, best-in-class underwriting, extensive risk and capital management expertise, and strong capital position, these ratings upgrades enable us to continue serving our lender partners across the U.S.," said Rohit Gupta, Chief Executive Officer.

Additional information regarding the rating changes can be found in the full reports issued by Fitch Ratings, Moody's and S&P last week.

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Fitch Ratings, Standard & Poor's, Moody's Investors Service