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FOR IMMEDIATE RELEASE
OLDWICK - JULY 12, 2018 09:25 AM (EDT)
A.M. Best has assigned a Long-Term Issue Credit Rating of “a-” to the $350 million 5.25% surplus notes due 2068 issued by National Life Insurance Company (National Life) (Montpelier, VT). The outlook assigned to this Credit Rating (rating) is stable. The existing Financial Strength Rating and Long-Term Issuer Credit Ratings of National Life and its affiliates are unchanged.
Concurrent with the new surplus note issuance, National Life is offering to exchange any and all of its existing 10.5% surplus notes due 2039 with additional surplus notes having the same terms as the newly issued notes. Following the debt issuance, A.M. Best expects National Life’s balance sheet strength to remain very strong and that financial leverage and interest coverage metrics will remain within guidelines for the assigned ratings. National Life intends to use the proceeds of the issuance for general corporate purposes.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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