Moody's rates TIAA notes Aa2

Moody's Investors Service said it assigned an Aa2 debt rating to approximately $2 billion in fixed-rate surplus notes due 2039 to be issued by Teachers Insurance and Annuity Association of America.

The outlook is negative.

The proceeds will be used for general corporate purposes.

The agency said TIAA's ratings are based on its dominant position in the higher-education pension market, outstanding capital base, expense advantages and uniquely stable liability structure.

These strengths are somewhat offset by substantial investment losses and impairments as well as by increased competition from other financial service providers, Moody's said.

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