S&P Global Ratings raised its issuer credit rating on Nuveen Finance LLC to A from A-.
The ratings outlook is stable.
The rating agency said it sees Nuveen Finance parent TIAA's commitment to the company as strong and long term, highlighted by its guarantee of Nuveen LLC's $1 billion in senior notes issued in October 2018. Ratings expects TIAA to support Nuveen Finance in most forseeable stress scenarios.
The stable outlook is based on Ratings' expectation for Nuveen Finance to have modest growth in EBITDA in 2019 and 2020, resulting in leverage of 3x to 3.5x over the same period.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.