Fitch Ratings Affirms Genworth's Ratings; Outlook Stable.

CHICAGO -- Today, Fitch Ratings affirmed Genworth Financial, Inc.'s (NYSE:GNW) ratings as follows:

-- Long-term issuer rating at 'A';

-- Commercial paper rating at 'F1'.

The ratings on its outstanding debt are also affirmed, as listed below. Fitch affirmed the 'AA-' insurer financial strength (IFS) ratings of Genworth's principal life insurance subsidiaries (see below), as well. The rating action affects approximately $3.1 billion in debt outstanding. The Rating Outlook is Stable.

The rating action follows Genworth's announcement today that it has filed a Form S-1 Registration Statement with its intention to repurchase $400 million to $500 million in GNW stock in conjunction with General Electric's secondary offering of GNW stock. Fitch has reviewed Genworth's plans to fund the stock repurchase, and the resulting pro forma combined statutory capitalization and combined NAIC risk-based capital ratio of the life companies remains within Fitch's ratings expectations. Furthermore, pro forma equity-adjusted leverage remains within Fitch's ratings expectations and was 20.9% at Dec. 31, 2004.

Fitch affirms Genworth Financial, Inc.'s issuer and senior debt ratings at 'A' with a Stable Rating Outlook as follows:

-- Senior notes due 2007;

-- Senior notes due 2009;

-- Senior Yen notes due 2011;

-- Senior notes due 2014;

-- Senior notes due 2034.

Fitch affirms Genworth's capital securities ratings at 'A-' with a Stable Rating Outlook, including the following:

-- Equity units;

-- Series A cumulative preferred stock.

Fitch also affirms Genworth's commercial paper issuer rating at 'F1'.

Fitch affirms the following insurance subsidiaries' IFS ratings at 'AA-' with a Stable Outlook:

-- General Electric Capital Assurance Company

-- GE Life and Annuity Assurance Company

-- General Electric Capital Life Assurance Company of New York

-- First Colony Life Insurance Company 

-- Federal Home Life Insurance Company

-- American Mayflower Life Insurance Company of New York

The 'AA' IFS rating by Fitch for General Electric Mortgage Insurance Corporation is unaffected.