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21 May 2004
MOODY'S ASSIGNS Aa1 DEBT RATING TO TRAVELERS LIFE & ANNUITY GLOBAL FUNDING I'S $5 BILLION NOTE ISSUANCE PROGRAM
New York, May 21, 2004 -- Moody's Investors Service has assigned a long-term debt rating
of Aa1 to the funding agreement-backed note issuance program of
Travelers Life & Annuity Global Funding I (TLA Global Funding I).
TLA Global Funding I is a special purpose statutory trust organized under
the laws of the State of Delaware. Under the program, TLA
Global Funding I issues funding agreement-backed notes denominated
in U.S. dollars or other currencies to U.S.
and non-U.S. institutional debt investors.
The outlook for TLA Global Funding I is stable.
The notes issued by TLA Global Funding are secured by funding agreement
contract obligations issued by The Travelers Insurance Company (TIC),
rated Aa1 for insurance financial strength with a stable outlook.
The funding agreements are held in trust for the benefit of the note holders.
In establishing the program, the company obtained the opinion of
Connecticut-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 TIC or with any change in the
priority status afforded funding agreements by Connecticut Insurance Law.
Moody's intends to rate future draw-downs under the program individually,
since the terms of the program's individual notes may affect their credit
characteristics and rating. For example, TLA Global Funding
I could 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 notes. Moody's may decide
not to rate individual notes if their performance is tied to an equity
index or embedded credit derivative.
Moody's rates TIC Aa1 for insurance financial strength and has a stable
outlook on the rating. The Aa1 insurance financial strength ratings
of TIC, and its wholly owned subsidiaries -- TLAC
and Primerica Life -- are based on the strong position of
TIC and TLAC in the markets for individual annuities and qualified group
pension products, and on the leading position of Primerica Life
in the market for term life insurance. The ratings also benefit
from the companies' ownership by Citigroup (senior debt at Aa1),
whose key benefits include a broad affiliated distribution network,
and potential parent company financial support. Superior capitalization
is also a positive rating factor.
Moody's continued by saying that these strengths are mitigated by TIC
and TLAC's significant and growing exposure to highly competitive individual
annuities, particularly variable annuities, which have generated
lower sales, fees, and earnings under weak equity markets,
and expose the companies to significant benefit guarantees; by their
sizable portfolio of institutional spread-based products (including
short-term putable funding agreements, GICs, and funding
agreement-backed notes); and by the companies' significant
exposure to higher-risk assets and less liquid assets (including
limited partnerships, below-investment-grade securities,
and affiliated holdings). A decline in revenues in recent years
is an additional challenge for TIC and TLAC.
The Travelers Insurance Company is an indirect wholly owned subsidiary
of Citigroup, Inc. The Travelers Life and Annuity Company
and Primerica Life Insurance Company are its wholly owned subsidiaries.
At December 31, 2003, The Travelers Insurance Company had
statutory assets of approximately $62 billion and statutory surplus
of $7.6 billion.
Moody's insurance financial strength ratings are opinions of the ability
of insurance companies to repay punctually senior policyholder claims
and obligations. For more information, visit Moody's Web
site at www.moodys.com/insurance.
Life Insurance Group
Moody's Investors Service
VP - Senior Credit Officer
Life Insurance Group
Moody's Investors Service
No Related Data.
© 2019 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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