Moody’s gives Corebridge notes Baa3

Moody’s Investors Service said it gave a Baa3 rating to Corebridge Financial Inc.’s planned fixed-to-fixed junior subordinated notes due Dec. 15, 2052.

“Moody's said that the rating of the notes, whose interest payments may be deferred for up to five years at Corebridge's option and are cumulative, is based on the life insurance group's leading positions in a number of U.S. individual annuity and retirement product markets, their broad distribution network, and solid profitability,” according to the press release.

Corebridge will use the proceeds to repay the $1.9 billion balance on its $8.3 billion promissory note to American International Group, Inc. and to reduce the commitments under Corebridge's delayed-draw term loan agreement.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.