We have revised our assessment of management and governance to strong from satisfactory. We are affirming our ratings on Teachers Insurance&Annuity Association of America and TIAA-CREF Life. The stable outlook reflects our expectation that the company will maintain its excellent business risk profile, extremely strong capital adequacy, and exceptional liquidity. On Aug. 2, 2017, S&P Global Ratings affirmed its 'AA+' long-term counterparty credit and financial strength ratings on Teachers Insurance&Annuity Association of America and TIAA-CREF Life Insurance Co. (TIAA-CREF Life; together, TIAA). The outlook is stable. The rating reflects our assessment of TIAA's dominant position in the U.S. higher-education pension market and its very strong and consistent operating performance. Recent growth in banking and asset management
