OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “aa” to the newly issued $1.25 billion 3.75% surplus notes due 2050 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 that the proceeds from the surplus notes offering will be utilized to partially fund its acquisition of Cigna Corporation’s group life and disability insurance business announced in December 2019 and for general corporate purposes. The notes will rank equally with existing surplus notes and will be subordinate in right of payment to all other existing and future indebtedness, policy claims and other creditors of New York Life.
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