Bloomberg News

Genworth Avoids Downgrade at Moody’s by Isolating Mortgage Unit

January 16, 2013

Genworth Financial Inc. had its credit rating confirmed at Baa3 by Moody’s Investors Service after announcing plans to distance the mortgage-guaranty unit from the rest of the company.

Moody’s, which had been considering whether to downgrade Genworth to junk status since June, said in a statement that today’s action concludes the review of Richmond, Virginia-based Genworth.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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