(The following statement was released by the rating agency)
Oct 11 - Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services raised its counterparty credit and financial strength ratings on AAA Life Insurance Co. to 'BBBpi' from 'BBpi'.
The upgrade reflects the company's steady growth in total adjusted capital from 2007 through 2011. The ratings on AAA Life reflect the company's operating performance, which has weakened during the past five years. We consider AAA Life's strong capital adequacy to be a company strength.
AAA Life is a Michigan-domiciled life and accident and health-insurance company licensed to do business in 49 states and the District of Columbia. The company writes individual life and annuity products, as well as group life and accident and health products for members of the automobile clubs affiliated with the American Automobile Association. AAA Life is owned by ACLI Acquisition Co., a subsidiary of a group of AAA clubs. We rate AAA Life Insurance on a stand-alone basis.
Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List Upgraded To From AAA Life Insurance Co. Counterparty Credit Rating Financial Strength Rating BBBpi BBpi
This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used.
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. All ratings affected by this rating action can be found on Standard & Poor's public Web site at . Use the Ratings search box located in the left column. (New York Ratings Team)