AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred to as Brighthouse and are operating insurance subsidiaries of Brighthouse Financial, Inc. (Brighthouse Financial) (headquartered in Charlotte, NC) [NASDAQ: BHF].

Concurrently, AM Best has maintained the under review with negative implications status for the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Brighthouse Financial. Additionally, AM Best has maintained the under review with negative implications status on the Long-Term ICR of “bbb+” (Good) and the Long-Term IRs of Brighthouse Holdings, LLC, Brighthouse Financial’ s intermediate holding company. (See below for a detailed listing of the Long-Term IRs.)

The ratings were placed under review with negative implications on Nov. 10, 2025 (see related press release), following the announcement of a definitive merger agreement under which an affiliate of Aquarian Capital LLC (Aquarian Capital) will acquire Brighthouse Financial.

The following Long-Term IRs have been maintained under review with negative implications:

Brighthouse Financial, Inc.—
-- “bbb+” (Good) on $1.5 billion 3.7% senior unsecured notes, due 2027
-- “bbb+” (Good) on $615 million 5.625% senior unsecured notes, due 2030
-- “bbb+” (Good) on $1.5 billion 4.7% senior unsecured notes, due 2047
-- “bbb+” (Good) on $400 million 3.85% senior unsecured notes, due 2051
-- “bbb-” (Good) on $375 million 6.25% junior subordinated debentures, due 2058
-- “bbb-” (Good) on $425 million 6.6% non-cumulative preferred stock, Series A
-- “bbb-” (Good) on $402.5 million 6.75% non-cumulative preferred stock, Series B
-- “bbb-” (Good) on $575 million 5.375% non-cumulative preferred stock, Series C
-- “bbb-” (Good) on $350 million 4.625% non-cumulative preferred stock, Series D

Brighthouse Holdings, LLC—
-- “bbb-” (Good) on $50 million fixed rate cumulative preferred units, Series A

The following Long-Term IR has been maintained under review with negative implications:

Brighthouse Financial Institutional Funding I, LLC—“a+” (Excellent) program rating

The following indicative Long-Term IRs have been maintained under review with negative implications:

Brighthouse Financial, Inc.—
-- “bbb+” (Good) on senior unsecured debt
-- “bbb” (Good) on subordinated debt
-- “bbb-” (Good) on preferred stock
-- “bbb-” (Good) on junior subordinated debt

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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