SBL Holdings, Inc.: Rating Report

Ratings

• First Security Benefit Life Insurance and Annuity Company of New York

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  11-Sep-23	Financial Strength Rating	A	Stb	Confirmed	CA

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• SBL Holdings, Inc.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  11-Sep-23	Issuer Rating	BBB (high)	Stb	Confirmed	CA
  11-Sep-23	Senior Unsecured Notes	BBB (high)	Stb	Confirmed	CA
  11-Sep-23	Non-Cumulative Preferred Shares	BBB (low)	Stb	Confirmed	CA

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• Security Benefit Global Funding

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  11-Sep-23	Funding Agreement-Backed Notes	A	Stb	Confirmed	CA

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• Security Benefit Life Insurance Company

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  11-Sep-23	Surplus Notes	A (low)	Stb	Confirmed	CA
  11-Sep-23	Financial Strength Rating	A	Stb	Confirmed	CA

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