AM Best Assigns Issue Credit Rating to Teachers Insurance and Annuity Association of America’s 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 $2 billion 6.05% fixed rate surplus notes, due 2056, issued by Teachers Insurance and Annuity Association of America (TIAA) (New York, NY). The outlook assigned to this Credit Rating is stable.

The surplus note issuance is for general corporate purposes, which may include in part the 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 the purchase financing terms.

This press release relates to the previously assigned indicative Long-Term IR of this note that has been withdrawn.

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.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.