S&P rates New York Life notes AA-

S&P said it assigned its AA- debt rating to New York Life Insurance Co.’s surplus notes due 2050. The company will use the proceeds to fund a portion of the purchase price for its acquisition of Cigna Corp.’s group life and disability business, announced in December.

“Our issue rating is two notches below our long-term counterparty credit rating on the group. This notching reflects the subordination and optional deferability of these notes,” said S&P in a press release.

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