DBRS Rates Genworth MI Canada Inc.’s $160 Million Senior Unsubordinated Debt Issue AA (low), Stable

DBRS has today assigned a rating of AA (low) with a Stable trend to Genworth MI Canada Inc.’s (Genworth Canada) $160 million 4.242% Debentures (the Debentures). The Debentures will be senior unsecured obligations ranking pari passu with all other senior unsecured indebtedness of Genworth Canada.

The Debentures have a ten-year maturity and will be used primarily to reduce Genworth Canada’s existing indebtedness and for general corporate purposes.

Genworth MI Canada Inc. is the holding company of Genworth Financial Mortgage Insurance Company of Canada, which is the operating company of the mortgage insurer.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Canadian Mortgage Insurance Companies (December 2013), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.