AM Best Issues 'aa' Credit Rating for TIAA's $2 Billion Notes

AM Best has announced a Long-Term Issue Credit Rating of "aa" (Superior) for a pending issuance of $2 billion in 30-year surplus notes by Teachers Insurance and Annuity Association of America (TIAA), based in New York, NY. The credit rating carries a stable outlook. This issuance aims to address general corporate needs, including potentially funding TIAA's subsidiary, Nuveen, in its cash acquisition of Schroders plc, a transaction first revealed in February 2026. The acquisition is projected to increase TIAA's adjusted leverage to approximately 15% on a pro forma basis.

Further information on the credit rating and related disclosures is available on AM Best’s Recent Rating Activity web page. Comprehensive guidelines regarding the application and constraints of credit rating opinions can be found in the Guide to Best's Credit Ratings. To fully understand the use of Best’s Credit Ratings, Best’s Performance Assessments, and other evaluations, please consult the Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global leader in credit rating, news publishing, and data analytics, focusing primarily on the insurance industry. Headquartered in the United States, AM Best operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City. This extensive presence underscores its commitment to providing invaluable insights across the insurance landscape worldwide.