Enact Receives Ratings Upgrade from Moody’s
Third Moody’s Upgrade Since IPO Underscores Enact’s Continued Strong Performance and Robust Capital Position
RALEIGH, N.C., March 01, 2023 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact), a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that Moody’s Investor Service (“Moody’s”) upgraded the insurance financial strength rating for our flagship insurance subsidiary, Enact Mortgage Insurance Corporation, to A3 from Baa1. Moody’s also announced the upgrade of Enact Holdings, Inc. long-term issuer rating and senior unsecured debt rating to Baa3 from Ba1. The outlook for the ratings is stable.
“This is the third upgrade Enact has received from Moody’s since our IPO, and it’s a testament to our continued strong performance, the strength of our balance sheet and our financial flexibility, and further enhances our competitive position as we continue to serve our lender partners,” said Rohit Gupta, Enact’s Chief Executive Officer. “Going forward, we will continue to execute against our disciplined approach to creating long-term value for our stakeholders.”
Additional information regarding the rating changes can be found in the full reports issued by Moody’s this week.
About Enact Holdings, Inc.
(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.
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