...January 27, 2023 ENGLEWOOD (S&P Global Ratings) Jan. 27, 2023--S&P Global Ratings today said it assigned '###+ (sf)' and '##+ (sf)' ratings to the class A and B notes, respectively, issued by Vitality Re XIV Ltd. The notes will cover claims payments of Health Re Inc.--and, ultimately, Aetna Life Insurance Co. (ALIC; A-/Stable/--)--related to the covered insurance business to the extent the medical benefit ratio (MBR) exceeds 106% for the class A notes and 100% for the class B notes. The MBR is calculated on an annual aggregate basis. We base our ratings on the lowest of the following: - The MBR risk factor on the ceded risk ('###+' for the class A notes and '##+' for the class B notes), - The rating on ALIC (the underlying covered business company), or - The rating on the permitted investments ('AAAm') that will be held in the collateral account (there is a separate collateral account for each class of notes) at closing. According to the risk analysis provided by Milliman Inc., one of the...
