Fitch affirms New York Life

Fitch Ratings said it affirmed New York Life Insurance Co.'s issuer default rating at AA+, its short-term issuer default rating at F1+ and its $1 billion 5.875% surplus note due 2033 and $1 billion 6.75% surplus note due 2039 at AA.

The outlook is stable.

The agency said New York Life's ratings are based on the company's very strong capital, well-diversified investment portfolio, consistently solid operating earnings driven by its large book of traditional life insurance reserves and a leading position in the U.S. life insurance and annuity markets.

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