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Moody’s gives Corebridge notes Baa3
Moody’s Investors Service said it gave a Baa3 rating to Corebridge Financial Inc.’s planned fixed-to-fixed junior subordinated notes due Dec. 15, 2052.
“Moody's said that the rating of the notes, whose interest payments may be deferred for up to five years at Corebridge's option and are cumulative, is based on the life insurance group's leading positions in a number of U.S. individual annuity and retirement product markets, their broad distribution network, and solid profitability,” according to the press release.
Corebridge will use the proceeds to repay the $1.9 billion balance on its $8.3 billion promissory note to American International Group, Inc. and to reduce the commitments under Corebridge's delayed-draw term loan agreement.
The outlook is stable.
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