Fitch rates TIAA notes AA

Fitch Ratings said it assigned AA ratings to $1.25 billion of surplus notes issued by Teachers Insurance and Annuity Association of America.

Proceeds will be used for general corporate purposes.

The rating is equivalent to the rating on TIAA's existing surplus notes, Fitch said.

“Pro forma financial leverage increases to 16.8% from 14.7%. Fitch expects the increase in leverage to be temporary and to decline back below 16%,” the agency said in a press release.

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