Moody’s Investor Services has upgraded New York Life Insurance Company to a AAA rating, its highest.[@@]

The rating service says it raised New York Life one notch on its rating scale based on the company’s sustained “leading position in the domestic life insurance market, mutual form of ownership, strong business and earnings diversification and substantial financial flexibility.”

As of Sept. 30, New York Life had assets of about $151 billion and capital of $13.2 billion, Moody’s noted.

Moody’s also upgraded New York Life’s principal subsidiary, New York Life Insurance and Annuity Corporation, to AAA.

The only two other life insurers with Moody’s highest rating are Northwestern Mutual Life Insurance Company, Milwaukee, Wisc., and Teachers Insurance and Annuity Association of America, New York.