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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa-” to the recently issued $700 million 3.375% surplus notes, due 2050, issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA). The outlook assigned to the Credit Rating (rating) is stable. All other Long-Term IRs of MassMutual and its subsidiaries are unchanged.

MassMutual’s financial leverage and interest coverage ratios are within AM Best guidelines for its ratings. The interest rate for the issued surplus notes is 3.375%, and the proceeds will be used for general corporate purposes. AM Best believes the issuance is prudent given challenging macro-economic headwinds from the COVID-19 pandemic, and that the issuance bolsters MassMutual’s liquidity and capital profile. AM Best notes that MassMutual has no immediate long-term debt coming due until November 2023, and that MassMutual has additional financial flexibility from an $800 million contingent capital facility, which remains undrawn.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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