Moody’s assigns Corebridge notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured debt rating to up to about $6 billion of senior unsecured notes to be issued in six tranches by Corebridge Financial, Inc.

Corebridge is a holding company of the American International Group, Inc.'s life insurance subsidiaries that will serve as their public holding company. Corebridge filed for an IPO and will become a separate company.

“Moody's said the debt rating was based on the Corebridge life and retirement group's leading position in a number of U.S. individual annuity and retirement product markets, along with its broad distribution network and solid profitability. The rating agency believes the group's stand-alone credit profile will be consistent with similarly-rated peers, with consolidated GAAP adjusted leverage in the 20%-30% range and good earnings coverage,” the agency said in a press release.

All the proceeds will be used to repay an AIG intercompany loan, as part of Corebridge's recapitalization in conjunction with the IPO.

The outlook is stable.

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