AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa” (Superior) to the recently announced $1.25 billion, 6.05% surplus notes, due 2056, issued by The Northwestern Mutual Life Insurance Company (Northwestern Mutual) (Milwaukee, WI). The outlook assigned to the Credit Rating (rating) is stable.

The proceeds from the surplus notes offering will be used for general corporate purposes. The newly issued surplus notes will remain subordinated to policyowner liabilities. The company’s unadjusted financial leverage remains low at 20% with favorable interest coverage over 3x post policyholder dividends, as calculated by AM Best, which is considered within guidelines for the assigned rating. Northwestern Mutual’s existing ratings continue to reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management.

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