S&P Global Ratings raised its issuer credit rating (ICR) to 'AA+' from 'AA' on AARP, D.C., and its long-term underlying rating to 'AA+' from 'AA' on AARP's debt. S&P Global Ratings also affirmed its 'AA+/A-1' dual rating on AARP's series 2001A taxable notes. The outlook is stable. The upgrade reflects our view of AARP's sustained, large membership base and continued balance-sheet growth, specifically relative to debt. The upgrade further reflects additional progress in accumulation of the sinking fund balance, which we expect to reach the amount required to make bullet payments on AARP's debt outstanding. The bonds are secured by AARP's general obligation pledge. Total debt outstanding was $270.8 million as of Dec. 31, 2023, including $124.5 million in fixed-rate
