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25 Aug 2003
MOODY'S ASSIGNS Aa1 DEBT RATING TO NEW YORK LIFE GLOBAL FUNDING'S $3 BILLION NOTE ISSUANCE PROGRAM
New York, August 25, 2003 -- Moody's Investors Service has assigned a long-term debt rating
of Aa1 to the funding agreement-backed note issuance program of
New York Life Global Funding (NYL Global Funding). NYL Global Funding
is a special purpose statutory trust organized under the laws of the State
of Delaware. Under the program, NYL Global Funding issues
funding agreement-backed notes denominated in U.S.
dollars or other currencies to U.S. and non-U.S.
institutional debt investors.
The notes issued by NYL Global Funding are secured by funding agreement
contract obligations issued by New York Life Insurance Company (New York
Life). It is Moody's understanding that NYL Global Funding may
only issue notes in the same currency as the funding agreements backing
those specific notes. The funding agreements are held in trust
for the benefit of the note holders. In establishing the program,
the company obtained the opinion of New York-based counsel that
claims under funding agreements should be treated pari passu with claims
under other insurance policies and annuities. The rating of the
notes will change in accordance with the insurance financial strength
of New York Life or with any change in the priority status afforded funding
agreements by New York Insurance Law.
Moody's intends to rate subsequent draw-downs under the program
individually, since the terms of the program's individual
notes may affect their credit characteristics and rating. For example,
NYL Global Funding could hypothetically decide in the future to issue
notes with an equity-index overlay, an embedded credit derivative
or other derivative which changes the risk characteristics of the series.
Moody's may decide not to rate individual notes if its performance is
tied to an equity index or embedded credit derivative.
Moody's rates New York Life Aa1 for insurance financial strength
and has a stable outlook on the rating. This rating is based on
the company's top tier position in the domestic individual life
insurance business and large block of individual life insurance that contains
significant embedded profits. The rating also reflects New York
Life's productive career agency distribution force, good quality
investment portfolio and ample liquidity. In addition, the
company's international and annuity businesses have good growth
potential, it has reasonable profitability for a mutual insurance
company, and its mutual form of ownership offers it some distinct
marketing advantages. Offsetting these strengths is the new risks
that the company's growing international business brings to the
group, the company's modest market position in the asset accumulation
business, and its declining consolidated statutory capitalization
Visit Moody's Web site at www.moodys.com/insurance.
Financial Institutions Group
Moody's Investors Service
Robert P. Donohue
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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