Fitch rates Corebridge notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Corebridge Financial, Inc.'s senior unsecured notes offering due 2033.

“The new notes are rated equivalent to the ratings of Corebridge's existing senior debt. The net proceeds of the offering are expected to be used for repayment of Corebridge's aggregate principal amount currently drawn under the Issuer's three-year delayed-draw term loan (DDTL) facility and general corporate purposes. The rating on the notes reflects standard notching from Corebridge's long-term issuer default rating of A-. Corebridge's financial leverage was 28% as of June 30, 2023. The issuance is expected to be neutral to financial leverage, given the repayment of the DDTL,” Fitch said in a press release.

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