Moody's gives New York Life notes Aa2

Moody's Investors Service said it assigned an Aa2 (hyb) subordinated debt rating to the expected 30-year surplus notes to be issued by New York Life Insurance Co.

Proceeds will be used as partial payment for the acquisition of the group life and disability insurance business of Cigna Corp. for $6.3 billion, announced in December, and for other corporate purposes.

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