A.M. Best Co. has upgraded its ratings of Homesteaders Life Co. of West Des Moines. The financial strength rating was raised to A- (excellent) from B++ and the issuer credit rating was raised to “a-,” with a stable outlook for both ratings. A.M. Best said the actions reflect Homesteaders’ improving risk-adjusted capital position, consistently favorable operating performance and strong growth in new premium production. The ratings firm said it was concerned about Homesteaders’ exposure to commercial mortgage loans, but added that the portfolio is diversified and has performed well.