AM Best Assigns Issue Credit Rating to Athene Holding Ltd.’s New Senior Unsecured Notes

Rhea-AI Summary

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to Athene Holding Ltd.'s recently issued $500 million 3.95% senior unsecured notes due May 25, 2051, with a stable outlook. The proceeds will support general corporate purposes, including investment opportunities and growth. Athene's existing ratings remain unchanged, reflecting stable proforma financial leverage and interest coverage metrics.

Positive

• Assigned a Long-Term IR of 'bbb+' (Good) to $500 million notes.
• Stable outlook for the credit rating.
• Proceeds intended for corporate growth and investment opportunities.

Negative

• None.

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $500 million 3.95% senior unsecured notes due May 25, 2051, of Athene Holding Ltd. (Athene) (Bermuda) [NYSE: ATH]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Athene and its insurance subsidiaries remain unchanged.

Athene intends to use the proceeds for general corporate purposes, including support of investment opportunities, organic and inorganic growth and its commitment to the Athene Co-Invest Reinsurance Affiliate 1A Ltd. AM Best notes that proforma financial leverage and interest coverage metrics remain at appropriate levels.

Athene’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good), its existing Long-Term IRs and the Long-Term ICRs of its operating insurance subsidiaries were upgraded with stable outlooks on March 25, 2021 (see related press release), and remain unchanged following this issuance of the notes.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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FAQ

What is Athene Holding Ltd.'s recent credit rating update?

AM Best assigned a Long-Term Issue Credit Rating of 'bbb+' to Athene's $500 million notes.

What is the outlook for Athene Holding Ltd. according to AM Best?

The outlook assigned to Athene's credit rating is stable.

When do Athene's newly issued notes mature?

The senior unsecured notes are due on May 25, 2051.

What will Athene do with the proceeds from the issued notes?

The proceeds will be used for general corporate purposes and support growth opportunities.

Did Athene's existing credit ratings change after the new issuance?

No, Athene's existing ratings remain unchanged.