Fitch rates Northwestern Mutual notes AA

Fitch Ratings said it assigned an AA rating to Northwestern Mutual Life Insurance Co.’s proposed issuance of approximately $500 million in surplus notes due in 2059.

“The new notes’ rating is equivalent to the ratings on NM’s existing surplus notes. The AA rating assigned to the surplus notes reflects Fitch’s standard notching from NM’s AAA Insurer Financial Strength (IFS) rating and considers the subordination of the surplus notes relative to policyholder obligations,” Fitch said in a press release.

Proceeds are expected to be used for general corporate purposes.

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