AM Best Assigns Issue Credit Rating to Massachusetts Mutual Life Insurance Company’s Surplus Notes
- December 07, 2022 09:26 AM (EST)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa-” (Superior) to the $500 million 5.672% surplus notes due Dec. 1, 2052 that were recently issued by Massachusetts Mutual Life Insurance Company’s (MassMutual) (Springfield, MA). The outlook assigned to this Credit Rating (rating) is stable. All other Long-Term IRs of MassMutual and its subsidiaries are unchanged.
MassMutual’s financial leverage and interest coverage ratios are within AM Best’s guidelines for its ratings. The proceeds of the surplus notes will be used for general corporate purposes.
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.