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Moody’s Review Extension Draws Commentary from Genworth

Responding to ""Moody's Investors Service Inc.'s"":http://www.moodys.com/ decision to extend the review period for potential downgrades for portions of the company's debt, ""Genworth Financial, Inc."":http://www.genworth.com/content/home.html, has issued an official statement on the pending evaluations.


Noting that Genworth is proceeding with ""urgency"" in its dealings with Moody's, the company expressed confidence in the outcome of the review process.


In addition to extending the group's review of Genworth's senior unsecured debt rating, Moody's has also extended its rating review of the company's US Mortgage Insurance (USMI) business.

Genworth says it will continue ""to work with Moody's on their rating evaluation of the holding company"" and USMI.

Elaborating on the organization's plans to cooperate with Moody's, Genworth explained, ""The company is pursuing various plans to manage the U.S. mortgage insurance business and its linkages and dependencies to the holding company.

""As stated before, the company does not believe run-off, a sale or spin-off of that business are the most beneficial options for shareholders at this time,"" the company added.

Martin P. Klein, acting CEO and CFO for Genworth, contributed his commentary, stating, ""We are acting with focus and urgency and believe that the actions we are pursuing will improve returns, strengthen the company's financial position, support a stronger credit profile and drive greater value for our shareholders.""


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