AM Best Assigns Issue Credit Rating to Teachers Insurance and Annuity Association of America’s Forthcoming Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa” (Superior) to the forthcoming $2 billion, 30-year surplus notes to be issued by Teachers Insurance and Annuity Association of America (TIAA) (New York, NY). The outlook assigned to the Credit Rating is stable.

The surplus note issuance is for general corporate purposes, which may include in part purchase financing related to TIAA company Nuveen’s cash acquisition of Schroders plc, which was announced in February 2026. AM Best expects that the transaction will increase adjusted leverage at TIAA to approximately 15% pro-forma, due to purchase financing terms.

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