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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 02, 2019 04:02 PM (EDT)
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.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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