AM Best Assigns Indicative Issue Credit Rating to Massachusetts Mutual Life Insurance Companys New Surplus Notes | Financial Buzz

AM Best Assigns Indicative Issue Credit Rating to Massachusetts Mutual Life Insurance Companys New Surplus Notes

AM Best has assigned an indicative Long-Term Issue Credit Rating (Long-Term IR) of “aa-” (Superior) to the surplus notes recently announced by Massachusetts Mutual Life Insurance Company (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 will offer up to $750 million in surplus notes with maturities due in 40 years. This issuance will allow the group to lock in more favorable, long-term financing rates, which is expected to enhance surplus note capital credit and regulatory capital. The issuance is not expected to have a material impact on expenses and earnings.

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 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Frank Walko

Financial Analyst

+1 908 439 2200, ext. 5072

frank.walko@ambest.com

Jacqalene Lentz, CPA

Director

+1 908 439 2200, ext. 5762

jacqalene.lentz@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

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