Fitch Ratings assigned an 'F1+' rating to Jackson National Life Short Term Funding, LLC's (JNLSTF) commercial paper program on March 5, 2025. This program allows JNLSTF to offer up to $3 billion of commercial paper notes, providing a new avenue for short-term funding.
The 'F1+' program rating is equivalent to Jackson National Life Insurance Company (JNLIC)'s 'F1+' Short-Term Insurer Financial Strength (ST-IFS) rating. This reflects JNLIC's solid financial flexibility, operating cash flows, liquidity management, and short-term coverage.
The commercial paper notes are secured by a funding agreement issued by JNLIC, with scheduled payments having priority equal to the policyholders of JNLIC. This structure ensures the notes depend on JNLIC's credit quality, which Fitch affirmed at 'A' Long-Term IFS with a Stable Outlook on September 24, 2024.
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