Enact Receives Ratings Upgrade from Fitch Ratings
Underscoring Enact’s Strong Performance and Robust Capital Position, Holding Company Achieves Investment Grade Senior Debt Rating
RALEIGH, N.C., April 25, 2023 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact or the Company), a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that Fitch Ratings (“Fitch”) has upgraded the Insurer Financial Strength rating for our flagship insurance subsidiary, Enact Mortgage Insurance Corporation, to A- from BBB+. Fitch also upgraded Enact’s senior debt rating to BBB- which marks the second major rating agency to assign Enact’s senior debt an investment grade rating. The outlook for both ratings is stable.
“We’re pleased to achieve these upgrades from Fitch. Achieving investment grade ratings on our senior debt from Fitch, and from Moody’s previously, marks another milestone for Enact. These ratings upgrades are further evidence of the successful execution of our strategy, the strength of our financial performance and balance sheet, and our enhanced financial flexibility,” said Rohit Gupta, Enact’s Chief Executive Officer. “Going forward, we will continue to serve our lender partners across the U.S. and look forward to continuing to create long-term value for our stakeholders.”
Additional information regarding the rating changes can be found in the full reports issued by Fitch this week.
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation 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.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to use of the proceeds from the facilities, maturity dates and extension options, and ability to increase the facilities. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements, including the potential for future dividend payments which will be determined in consultation with the Board of Directors, and after considering economic and regulatory factors, current risks to the Company, and subsidiary performance. For a list of risks and uncertainties, please see the Company’s reports and other filings with the U.S. Securities and Exchange Commission. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
