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.

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.

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Louis Silvers
Senior Financial Analyst

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Kate Steffanelli
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Christopher Sharkey
Associate Director, Public Relations

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Al Slavin
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Source: AM Best