Investor Menu

Credit Ratings

Ratings Details Subsidiaries Ratings Scale
S&P
Moody's
Fitch Ratings
Long-term Issuer
BBB (OS)
1/29/2010
-
BBB+ (OS)
6/2/2020
Ratings History
BBB (OS)
1/29/2010
-
BBB+ (OS)
6/2/2020
BBB (ON)
10/9/2008
-
BBB+ (OS)
6/25/2019
BBB (OS)
11/30/2004
-
BBB+ (WN)
12/11/2018
BBB
12/17/2003
-
BBB+ (OS)
7/17/2018
Senior Unsecured
BBB
-
Baa2 (OS)
7/2/2019
BBB
6/2/2020
Ratings History
BBB
-
Baa2 (OS)
7/2/2019
BBB
6/2/2020
-
Baa2 (ON)
12/11/2018
BBB
6/25/2019
-
Baa2 (OS)
10/2/2018
BBB
12/11/2018
-
Baa3 (OP)
3/10/2017
BBB
7/17/2018

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Issuer ratings are S&P/Moody’s/Fitch/AM Best respectively. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Copyright© 2020, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

S&P
Moody's
Fitch Ratings
AM Best
Horace Mann Insurance Company
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
A (ON)
10/9/2008
A2 (ON)
12/11/2018
A (OS)
6/25/2019
A (OS)
05/16/2017
A (OS)
11/30/2004
A2 (OS)
10/2/2018
A (WN)
12/11/2018
A (OS)
03/30/2016
A
12/17/2003
A3 (OP)
3/10/2017
A (OS)
7/17/2018
A-(OP)
02/05/2015
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
Horace Mann Life Insurance Company
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
A (ON)
10/9/2008
A2 (ON)
12/11/2018
A (OS)
6/25/2019
A (OS)
05/16/2017
A (OS)
11/30/2004
A2 (OS)
10/2/2018
A (WN)
12/11/2018
A (OS)
03/30/2016
A
12/17/2003
A3 (OP)
3/10/2017
A (OS)
7/17/2018
A-(OS)
02/05/2015
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
Horace Mann Lloyds
Financial Strength
-
-
A (OS)
6/2/2020
A (OS)
05/23/2018
-
-
A (OS)
6/25/2019
A (OS)
05/16/2017
-
-
A (WN)
12/11/2018
A (OS)
03/30/2016
-
-
A (OS)
7/17/2018
A-(OP)
02/05/2015
Financial Strength
-
-
A (OS)
6/2/2020
A (OS)
05/23/2018
Horace Mann Property & Casualty Insurance Company
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
A (ON)
10/9/2008
A2 (ON)
12/11/2018
A (OS)
6/25/2019
A (OS)
05/16/2017
A (OS)
11/30/2004
A2 (OS)
10/2/2018
A (WN)
12/11/2018
A (OS)
03/30/2016
A
12/17/2003
A3 (OP)
3/10/2017
A (OS)
7/17/2018
A-(OP)
02/05/2015
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
Madison National Life Insurance Company
Financial Strength
-
-
A- (OS)
02/9/2022
National Teachers Associates Life Insurance Company
Financial Strength
-
-
A (OS)
07/14/2021
Teachers Insurance Company
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018
A (ON)
10/9/2008
A2 (ON)
12/11/2018
A (OS)
6/25/2019
A (OS)
05/16/2017
A (OS)
11/30/2004
A2 (OS)
10/2/2018
A (WN)
12/11/2018
A (OS)
03/30/2016
A
12/17/2003
A3 (OP)
3/10/2017
A (OS)
7/17/2018
A-(OP)
02/05/2015
Financial Strength
A (OS)
1/29/2010
A2 (OS)
7/2/2019
A (OS)
6/2/2020
A (OS)
05/23/2018

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Issuer ratings are S&P/Moody’s/Fitch/AM Best respectively. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Copyright© 2020, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

Long-Term Ratings

Fitch
Highest Credit Quality
AAA AAA(EXP) AAApre
Very High Credit Quality
AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
High Credit Quality
A+ A+(EXP) A A(EXP) A- A-(EXP)
Good Credit Quality
BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
Speculative
BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
Highly Speculative
B+ B+(EXP) B B(EXP) B- B-(EXP)
High Default Risk
CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
Default
DDD DD D
Moody's
Highest Quality
AAA AAA(EXP) AAApre
High Quality
AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
Upper-Medium Quality
A+ A+(EXP) A A(EXP) A- A-(EXP)
Medium-Grade Quality
BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
Substantial Risk
BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
High Risk
B+ B+(EXP) B B(EXP) B- B-(EXP)
Very High Risk
CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
Highly Speculative
DDD DD D
Default
C (P)C
S&P
Extremely Strong
AAA AAApi AAAt
Very Strong
AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
Strong
A+ A+pi A+t Api At A A- A-pi A-t
Adequate
BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
Less Vulnerable
BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
More Vulnerable
B+ B+pi B+t B Bpi Bt B- B-pi B-t
Currently Vulnerable
CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
Highly Vulnerable
CCpi CCt CC C+ C+pi C+t C Cpi Ct
Selective Default
SD SDpi SDt
Default
D+ D+pi D+t Dpi Dt D
Regulatory Supervision
R Rpi Rt

Short-Term Ratings

Fitch
Exceptionally High Quality
F1+ F1+(EXP)
High Quality
F1 F1(EXP)
Good Quality
F2 F2(EXP)
Fair Quality
F3 F3(EXP)
Speculative
B B(EXP)
High Default Risk
C C(EXP)
Default
D D(EXP)
Moody's
Superior
(P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
Strong
VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
Acceptable
(P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
Not Prime
NP (P)NP
S&P
Extremely Strong
A-1+
Strong
A-1
Satisfactory
A-2
Adequate
A-3
More Vulnerable
B B-1 B-2 B-3
Highly Vulnerable
C
Selective Default
SD
Default
D
Regulatory Supervision
R

Financial Strength Ratings

Fitch
Exceptionally Strong
AAA AAAq
Very Strong
AA+ AA+q AAq AA AA- AA-q
Strong
A+ A+q Aq A A- A-q
Good
BBB+ BBB+q BBBq BBB BBB- BBB-q
Moderately Weak
BB+ BB+q BB BBq BB- BB-q
Weak
B+ B+q B Bq B- B-q
Very Weak
CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
Distressed
DDD DDDq DDq DD Dq D
Moody's
Exceptional Security
Aaa
Excellent Security
Aa1 Aa2 Aa3
Good Security
A1 A2 A3
Adequate Security
Baa1 Baa2 Baa3
Questionable Security
Ba1 Ba2 Ba3
Poor Security
B1 B2 B3
Very Poor Security
Caa1 Caa2 Caa3
Extremely Poor Security
Ca C
S&P
Extremely Strong
AAA AAApi
Very Strong
AA+ AA+pi AApi AA AA- AA-pi
Strong
A+ A+pi Api A A- A-pi
Good
BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
Marginal
BB+ BB+pi BB BBpi BB- BB-pi
Weak
B+ B+pi B Bpi B- B-pi
Very Weak
CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
Extremely Weak
CCpi CC
Regulatory Action
R

Issuer ratings are S&P/Moody’s/Fitch/AM Best respectively. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Copyright© 2020, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.