AM Best Places Credit Ratings of Equitable Holdings, Inc. and Its Subsidiaries Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Equitable Holdings, Inc. (Delaware).

The ratings reflect Equitable Life Group’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The Credit Ratings (ratings) of Equitable Holdings, Inc. (Equitable) and its subsidiaries have been placed under review with developing implications due to the recent announcement that it has entered into a definitive agreement with Corebridge Financial, Inc. (Corebridge Financial) to combine in an all-stock merger. Corebridge Financial shareholders will own approximately 51% of the company, and Equitable shareholders will own approximately 49% of the combined entity. Once the transaction closes, the combined company will operate under the “Equitable” name and trade under the ticker symbol “EQH” on the New York Stock Exchange. The combined company will have board representation from both Corebridge Financial and Equitable, with those members being fully disclosed prior to transaction’s closing; the combined company will then be headquartered in Houston, TX.

The transaction is expected to result in a larger, more diversified financial services entity with meaningful scale across the retirement, life and institutional markets, as well as the wealth and asset management segments. The merger brings together two institutions with aligned strategic objectives. The combined entity is expected to serve over 12 million customers, indicating a substantial market presence and is underpinned by approximately $1.5 trillion in assets under management and administration.

The transaction is expected to close by year-end 2026, subject to customary conditions, including the receipt of required regulatory approvals and approval by shareholders of Corebridge Financial and Equitable. The ratings will remain under review with developing implications until the transaction closes and AM Best conducts discussions with the combined company’s management team regarding the group’s future strategy.

The following Long-Term IRs have been placed under review with developing implications:

Equitable Holdings, Inc—

— “bbb+” (Good) on $600 million 4.572% senior secured fixed rate, due 2029
— “bbb+” (Good) on $500 million 5.594% senior unsecured fixed rate, due 2033
— “bbb+” (Good) on $1.5 billion 5.0% senior unsecured fixed rate, due 2048
— “bbb+” (Good) on $1.5 billion 4.35% senior unsecured fixed rate, due 2028
— “bbb+” (Good) on $350 million 7.0% senior unsecured debentures, due 2028
(originally issued by AXA Financial, Inc.)
— “bbb-” (Good) on $800 million 5.25% preferred stock
— “bbb-” (Good) on $300 million 4.30% preferred stock
— “bbb-” (Good) on $500 million 6.7% minor subordinated

Equitable Financial Life Global Funding— “a+” (Excellent) program rating
— “a+” (Excellent) on all outstanding notes issued under the program

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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