The company is offering the notes that carry a coupon rate of 4.8% per year and are scheduled to mature in 2024. The notes are guaranteed by Genworth. As government-sponsored and government-owned enterprises are expected to raise the required capital balance of a company for it to qualify as a mortgage insurer, Genworth intends to deploy the net proceeds to capitalize one or more of its U.S. mortgage insurance subsidiaries. Alternatively, the company may also use the net proceeds for corporate purposes. The rating agency Moody's Investors Service of Moody's Corp. ( MCO ) assigned a senior debt rating of "Baa3" with a stable outlook to the new notes issued by Genworth. Along with the public offering, Genworth is also focused on deleveraging its balance sheet. Recently, the company sold its wealth management business to make payments for the near-term debt maturities.