OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “aa” to the newly issued $1 billion 4.45% surplus notes due 2069 issued by New York Life Insurance Company (New York Life) (New York, NY). The outlook assigned to the Credit Rating (rating) is stable. The existing Financial Strength Rating and the Long-Term Issuer Credit Rating of New York Life and its affiliates remain unchanged.
New York Life anticipates the proceeds from the surplus notes offering to be utilized for general corporate purposes. Following the debt issuance, AM Best expects New York Life’s balance sheet strength to remain at the strongest level, and that the financial leverage and interest coverage ratios remain well within the guidelines for the assigned ratings.
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