A.M. Best Affirms Ratings of MassMutual.

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) and its life insurance subsidiaries. A.M. Best has also affirmed MassMutual's issuer credit rating (ICR) of "aaa" and its debt ratings of "aa" on surplus notes and "aaa" on the two funding agreement-backed securities (FABS) programs. The outlook for all ratings is stable. (See link below for a detailed list of ratings.)

The ratings reflect MassMutual's historically favorable earnings performance, strong coverage and ample cash flows driven primarily by its core life and retirement services businesses. The ratings also consider MassMutual's recognized brand and diversified product offerings in the individual high net worth market, its well-established niche in the 401(k) market and the benefits the group derives from its ownership of OppenheimerFunds Inc. and other asset management subsidiaries. MassMutual's broad product range and earnings generation are evidence of its ability to provide products for a variety of economic market conditions through varied distribution sources

Offsetting these positive factors are the intense competition the group faces in its core individual life, asset accumulation and financial services businesses, the impact of the low interest rate environment on its interest sensitive lines and challenges to continue to profitably broaden its distribution channels.

For a complete listing of Massachusetts Mutual Life Insurance Company's FSRs, ICR and debt ratings, please visit www.ambest.com/press/050203massmutual.pdf.

For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.