We are affirming our 'A+' counterparty credit and financial strength ratings on Midland National Life Insurance Co. and North American Co. for Life&Health Insurance (collectively, Sammons) in light of the company's strong business and financial risk profiles. We are assigning our 'BBB+' issuer credit rating to Sammons' nonoperating holding company, Sammons Financial Group (SFG). The outlook is stable The stable outlook reflects our expectation that Sammons will sustain its very strong competitive position, above-average operating performance, and capital adequacy. On Sept. 24, 2013, Standard&Poor's Ratings Services affirmed its 'A+' long-term counterparty credit and financial strength ratings on Midland National Life Insurance Co. (Midland) and North American Co. for Life&Health Insurance (NACOLAH) (collectively, Sammons). At
