Genworth Financial Inc. said sales of some products will be pressured and borrowing costs may rise after the insurer was cut to junk following a record loss.

“We are disappointed that certain rating agencies took negative actions,” Chief Executive Officer Tom McInerney said in a statement late yesterday. “We are working on actions to improve capital, financial flexibility, and earnings.”

The insurer was cut one level to BB+ from BBB- by Standard & Poor’s, which cited “the need to rebuild capital strength, the risk of further reserve strengthening, and execution risk in the turnaround of the U.S. life insurance division.” Richmond, Virginia-based Genworth announced a record third-quarter loss on Nov. 5 after higher-than-expected costs tied to long-term care claims.

Moody’s Investors Service yesterday placed Genworth’s main unit on review for a downgrade, and Fitch Ratings said it expects Genworth to record additional pretax charges of $500 million to $1 billion in the fourth quarter.

McInerney has been seeking regulators’ approval to charge clients more for long-term care coverage, which pays for home health aides or nursing home visits. He also is exploring the possible sale of some blocks of coverage or the purchase of reinsurance to limit risk.

Genworth said it had about $1.1 billion of cash and liquid assets at the holding company as of Sept. 30. That’s $720 million more than one-and-a-half-times annual debt service, the company said, and there are no holding company debt maturities until 2016.

“The near term impact from these ratings or outlook changes will have minimal impact on the holding company, although future borrowing costs are likely to increase,” Genworth said in the statement. The ratings actions “are expected to reduce sales in some of its products.”

Genworth advanced 14 cents to $8.80 in early trading at 7:33 a.m. in New York. The insurer plunged 38 percent yesterday, the biggest fall since the financial crisis.