Correction - Fitch Affirms New York Life's IFS at 'AAA'.

CHICAGO -- (This is a correction to the release of Oct. 1, 2007. The Insurer Financial Strength rating is being affirmed at 'AAA'.)

Fitch Ratings affirms the ratings of New York Life Insurance Company (NYLIC) and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC) - together referred to as New York Life (see complete list of ratings below). The Rating Outlook is Stable for all ratings.

The ratings reflect New York Life's excellent life insurance franchise, leading positions in life insurance and fixed annuity markets and solid operating performance. Additional strengths include a fundamentally strong balance sheet, including a robust capital position, low financial leverage and a high quality investment portfolio. Fitch believes that New York Life's liquidity and credit risks are well managed.

Fitch views New York Life's career agency as a competitive advantage and a driver of the company's very strong sales in both life insurance and fixed annuities in 2006. While the company's high quality, stable earnings are driven primarily by traditional life insurance products, NYL is moving toward more diversified revenue and earning streams through multiple product lines, such as guaranteed lifetime income annuities, as well as expanding distribution channels for selected products. Profitability has improved due in part to improved agent productivity and controlled expense growth.

The commercial paper and surplus notes ratings are based on the organization's moderate consolidated financial leverage and strong capacity to service its debt-repayment capabilities. Total consolidated financial leverage (i.e., surplus notes plus commercial paper outstanding divided by GAAP total adjusted capitalization) was 7.1% at year end 2006.

The 'AAA' ratings on the FA-backed note programs and related issues recognize that the trust obligations are secured solely by funding agreements issued by NYLIC with cash flow structures that enable the trustees to pay the principal and interest on the notes. Thus, the note programs are dependent upon NYLIC's credit quality and are assigned a rating equal to that company's Insurer Financial Strength (IFS) rating.

New York Life is one of the largest life insurance organizations in the United States. Individual life and annuity, investment management and international operations make up the company's three primary lines of business. New York Life also provides group membership association coverage, long-term care insurance and is the exclusive provider of life insurance and income annuities to the AARP.

Fitch expects New York Life to maintain its leading market positions in life and fixed annuity markets in 2007, as well as the high credit quality of its investment portfolio. NYLIC's risk adjusted capital is expected to remain at very strong levels, despite a more modest increase in statutory surplus for 2007. Financial leverage for New York Life is expected to remain below 10% and GAAP earnings based interest rate coverage is expected to exceed 11 times for 2007.

Fitch affirms the following ratings. The Rating Outlook is Stable.

New York Life Insurance Company

--Issuer Default Rating (IDR) 'AA+';

--Insurer financial strength (IFS) 'AAA';

--Short-Term IDR 'F1+';

--Surplus note 'AA'; $1,000,000,000 5.875% due 5/15/2033

New York Life Insurance and Annuity Corporation

--Insurer financial strength 'AAA';

NYL Capital Corporation

--Commercial paper 'F1+'.

New York Life Funding

Program Rating 'AAA';

--NYLF 2002-1 EUR300,000,000 Fixed 2/16/09;

--NYLF 2003-1 USD325,000,000 Floating 4/14/08;

--NYLF 2003-3 USD157,000,000 Zero 12/15/28;

--NYLF 2003-5 GBP300,000.000 Fixed 10/20/08;

--NYLF 2004-2 CHF500,000,000 Fixed 12/11/09;

--NYLF 2004-3 GBP225, 000,000 Floating 9/8/09;

--NYLF 2005-1 CHF400, 000,000 Fixed 12/8/10;

--NYLF 2005-2 GBP300,000.000 Fixed 2/3/15;

--NYLF 2005-4 GBP100, 000, 000 Floating 6/27/09;

--NYLF 2006-1 CHF450, 000, 000 Fixed 2/22/16.

New York Life Global Funding

Program Rating 'AAA'

--NYLGF 2003-1 USD500,000,000 Fixed 9/15/13;

--NYLGF 2004-1 USD500,000,000 Fixed 1/15/09;

--NYLGF 2004-3 GBP250,000,000 Fixed 6/30/09;

--NYLGF 2005-1 USD300,000,000 Floating 5/8/14;

--NYLGF 2005-2 USD500,000,000 Fixed 8/16/10;

--NYLGF 2005-3 USD500,000,000 Floating 9/28/12;

--NYLGF 2005-4 USD200,000,000 Floating 12/19/08;

--NYLGF 2006-1 GBP350,000,000 Fixed 1/17/13;

--NYLGF 2006-2 GBP185,000,000 Floating 3/15/09;

--NYLGF 2006-3 CAN500,000,000 Fixed 4/20/11;

--NYLGF 2006-5 EUR100,000,000 Floating 12/20/13;

--NYLGF 2006-6 EUR400,000,000 Fixed 10/19/09;

--NYLGF 2007-1 USD300,000,000 Floating 1/10/09;

--NYLGF 2007-2 EUR600,000,000 Fixed 1/19/17;

--NYLGF 2007-3 CAN400,000,000 Fixed 3/19/14;

--NYLGF 2007-4 GBP130,000,000 Floating 5/19/08;

--NYLGF 2007-5 GBP150,000,000 Floating 5/18/10.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.