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Effective October 2017
Moody's Aa3 (Excellent) rating is a result of Penn Mutual's:
Moody’s uses a letter grade scale that ranges from Aaa, the highest rating, to C, the lowest rating. It also applies modifiers (1, 2 or 3) for ratings below Aaa to indicate the approximate rank of the company in a particular class. These rating gradations provide investors with a system for measuring an insurance company’s ability to meet its policyholder claims and obligations. Penn Mutual's Aa3 Excellent rating, which was reaffirmed in October 2016, ranks the fourth highest out of 21 ratings.