We continue to assess how the change of ownership of Banner Life Insurance Co. and William Penn Life Insurance Co. of NY to Meiji Yasuda Life Insurance Co. (Meiji Yasuda; A+/Stable/--) will impact their creditworthiness. Our assessment of Banner Life and William Penn?s potential group status under Meiji Yasuda and the analysis we have performed on their stand-alone characteristics so far suggests that if we took a negative rating action it would likely be limited to one notch. Therefore, we are keeping our 'A+' ratings on the U.S. subsidiaries on CreditWatch negative, where we placed them on Feb. 11, 2025. We intend to resolve the CreditWatch once we have finalized our analysis of Banner Life and William Penn. On May
