Genworth bought by China Oceanwide, Glencore’s disposal of its Australian rail asset is credit positive and Navient posted its third quarter results
Genworth Financial Inc.
Genworth Financial Inc., parent of Genworth Financial Mortgage (Australian subsidiary and bond issuer) has announced they have entered into a definitive agreement under which all of its outstanding shares are to be acquired by Chinese company China Oceanwide, to the total value of $2.7bn.
A news release can be found here.
Glencore
Glencore has agreed to sell its rail coal haulage business in Australia for AUD1.14bn. The sale is credit positive, as it will add to the company’s cash and support accelerated debt reduction this year without materially affecting earnings.
More information can be found here.
Note: A login for the Moody’s website is required to access this information.
Navient
Navient posted its third quarter results for 2016, continuing the reversal of several negative trends on issues ranging from liquidity to asset quality. The third quarter results were aided by lower provision for credit losses, as well as higher non interest income. However, net interest income decreased while expenses remained stable in the quarter.
A news release can be found here.