AM Best Assigns Issue Credit Rating to Massachusetts Mutual Life Insurance Company’s New Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “aa-” (Superior) to the recently announced $1.0 billion, 5.95% surplus notes, due 2056, issued by Massachusetts Mutual Life Insurance Company (Mass Mutual). The outlook assigned to this Credit Rating (ratings) is stable.

The proceeds from this debt issuance are expected to be used to cover general business purposes. Mass Mutual’s proforma adjusted financial leverage of 3.8% and unadjusted financial leverage of 18.5%, as calculated by AM Best, and interest coverage are adequate, and are in line with the company’s current ratings.

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