SBL Holdings, Inc.: Rating Report

On May 11, 2022, DBRS Limited (DBRS Morningstar) assigned an Issuer Rating of BBB (high) to SBL Holdings, Inc., a rating of BBB (high) to its Senior Unsecured Notes, and a rating of BBB (low) to its Non-Cumulative Preferred Shares. DBRS Morningstar also assigned a Financial Strength Rating of “A” to Security Benefit Life Insurance Company, a rating of A (low) to its Surplus Notes, a Financial Strength Rating of “A” to First Security Benefit Life Insurance & Annuity Company of New York, and a rating of “A” to the Funding Agreement-Backed Notes (FABN) issued by Security Benefit Global Funding. The trends on all ratings are Stable.