Teachers Insurance&Annuity Assn. of America's Proposed Surplus Notes Rated 'AA-'

NEW YORK (S&P Global Ratings) June 8, 2026-- S&P Global Ratings today assigned its 'AA-' rating to the Teachers Insurance&Annuity Assn. of America's (TIAA) proposed surplus notes due 2056. The company intends to use the net proceeds from the new surplus notes for general corporate purposes which may include the funding of a portion of Schroder?s acquisition by Nuveen. We rate these surplus notes two notches below our financial strength rating on TIAA, consistent with the ratings on the company's existing surplus notes. One notch represents subordination to the policyholder obligations, and the other captures payment risk, since payments may be deferred because of regulatory restrictions. We expect these surplus notes to have intermediate equity content and include

...June 8, 2026 NEW YORK (S&P Global Ratings) June 8, 2026-- S&P Global Ratings today assigned its '##-' rating to the Teachers Insurance & Annuity Assn. of America's (TIAA) proposed surplus notes due 2056. The company intends to use the net proceeds from the new surplus notes for general corporate purposes which may include the funding of a portion of Schroder's acquisition by Nuveen. We rate these surplus notes two notches below our financial strength rating on TIAA, consistent with the ratings on the company's existing surplus notes. One notch represents subordination to the policyholder obligations, and the other captures payment risk, since payments may be deferred because of regulatory restrictions. We expect these surplus notes to have intermediate equity content and include them in total available capital. We expect the transaction will add about $2 billion in incremental debt to the balance sheet. Including this proposed issuance and repayment of Nuveen's $1 billion senior notes due...

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