As a result of Standard & Poor’s decision to lower the United States’ credit rating, it lowered to ‘AA+’ from ‘AAA’ its long-term counterparty credit and financial strength ratings on the member companies of five U.S. insurance groups.
They are: Knights of Columbus, New York Life, Northwestern Mutual, Teachers Insurance & Annuity Association of America, and United Services Automobile Association. The outlooks on the ratings on all of these companies are negative. S&P also says it lowered the ratings on approximately $17 billion of securities issued by New York Life, Northwestern Mutual, TIAA, USAA and their affiliates.
