Genworth Avoids Downgrade at Moody’s by Isolating Mortgage Unit

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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