Enact Receives Ratings Agencies Upgrades from Fitch, Moody's and S&P
Enact Holdings (Nasdaq: ACT) announced significant ratings upgrades from Fitch, Moody's, and S&P Global Ratings. Fitch upgraded Genworth Mortgage Insurance Corporation's (GMICO) financial strength rating to 'BBB+' and improved Enact's ratings across the board, with a stable outlook. Moody's raised GMICO's insurance financial strength rating to Baa2, while S&P upgraded GMICO's rating to 'BBB'. These upgrades reflect Enact's strong capital position, governance, and declining delinquency rates, enhancing its ability to serve U.S. lenders.
- Fitch upgraded GMICO's financial strength rating to 'BBB+' from 'BBB-' on September 17.
- Moody's upgraded GMICO's financial strength rating to Baa2 from Baa3 on September 21.
- S&P Global Ratings raised GMICO's rating to 'BBB' from 'BB+' on September 24.
- None.
RALEIGH, N.C., Sept. 27, 2021 /PRNewswire/ -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) 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.
About Enact
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Genworth Mortgage Insurance Corp. since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
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SOURCE Enact Holdings, Inc.
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