S&P Announces: General Electric Mortgage Insurance Corp. and Affiliates 'AA' Ratings Affirmed; Outlook Stable.
NEW YORK--(BUSINESS WIRE)--Nov. 18, 2003
On Nov. 18, 2003, Standard & Poor's Ratings Services Ratings Service
A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. affirmed its 'AA' counterparty credit and financial strength ratings on General Electric Mortgage Insurance Corp. (GEMICO) and two of GEMICO's Australian affiliates: GE Mortgage Insurance Pty Ltd PTY LTD Propriety Limited (company structure in Australia) . and GE Capital Mortgage Insurance Corp. (Australia) Pty Ltd. At the same time, Standard & Poor's affirmed its 'AA' financial strength rating on GEMICO's U.K. affiliate, GE Mortgage Insurance Ltd. The outlook on all of these companies (collectively referred to as GEMICO Group) remains stable.
The affirmations follow General Electric Co.'s (NYSE NYSE
See: New York Stock Exchange :GE) announcement today that it intends to form a new holding company -- Genworth Financial Genworth Financial is an international financial services organization that offers a portfolio of primarily consumer-focused products through its various companies, including annuities, combination products, investment services, life insurance, long term care insurance, medicare Inc. -- which will be spun off from GE and pursue an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in the first half of 2004. The companies of the GEMICO Group will be subsidiaries of Genworth, as will most of GE's life insurance operations. Other than the expected change in ownership structure, no material changes to the GEMICO Group are expected.
The ratings on GEMICO Group are based on the group's very strong fundamentals, with no imputed Attributed vicariously.
In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's rating support from GE. GEMICO Group has very strong earnings, very strong market positions, extremely strong capitalization, and deep and experienced management teams dedicated to conservative credit quality books of business.
Standard & Poor's expects that each company will attempt to optimize capital to enhance ROE. However, Standard & Poor's also expects capitalization and operating results to remain commensurate with and supportive of the current rating level based on each company's historically strong stand-alone characteristics.
General Electric Mortgage Insurance Corp. GE Mortgage Insurance Pty Ltd. GE Capital Mortgage Insurance Corp. (Australia) Pty Ltd. Counterparty credit rating AA/Stable/-- Financial strength rating AA/Stable GE Mortgage Insurance Ltd. Financial strength rating AA/Stable
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