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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 16, 2015 02:01 PM (EDT)
A.M. Best has assigned a debt rating of "aa-" to the $500 million 4.5% surplus notes due April 15, 2065, recently issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA). The outlook assigned to the rating is stable.
Proceeds from the sale of the notes will be utilized for general corporate purposes. A.M. Best notes MassMutual's pro forma financial leverage on a statutory basis is expected to remain in the 15% range in the near to medium term. Coverage is viewed as strong given improved operating earnings reported in 2014. A.M. Best believes MassMutual's overall financial flexibility remains favorable.
MassMutual's ratings continue to recognize its favorable business mix, diversified operating profile and strong position in the domestic life insurance market. MassMutual is one of the leading writers of whole life insurance in the United States and offers a broad portfolio of insurance products and asset management services to individuals across diverse demographics and the corporate marketplace.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology .
Key insurance criteria reports utilized:
This press release relates to rating(s) 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 visit A.M. Best's Ratings & Criteria Center .
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.