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 of bbb+ to Athene Holding Ltd.'s $500 million, 3.45% senior unsecured notes, due May 15, 2052. The outlook for this rating is stable, with all other ratings for Athene remaining unchanged. The funds will support general corporate needs, including growth opportunities, and are indicative of improved capital levels along with stable financial leverage and interest coverage metrics.

Positive

• Assigned Long-Term Issue Credit Rating of bbb+ to $500 million notes.
• Stable outlook for the long-term credit rating.
• Increased capital levels noted by AM Best.

Negative

• None.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $500 million, 3.45% senior unsecured notes, due May 15, 2052, of Athene Holding Ltd. (Athene) (Bermuda) [NYSE: ATH]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Athene and its insurance subsidiaries are unchanged.

Athene intends to use the proceeds for general corporate purposes, including support of investment opportunities, organic and inorganic growth. AM Best notes that company’s capital levels have increased and proforma financial leverage and interest coverage metrics remain at appropriate levels.

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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005869/en/

Louis Silvers

Senior Financial Analyst

+1 908 439 2200, ext. 5802

louis.silvers@ambest.com



Edward Kohlberg

Director

+1 908 439 2200, ext. 5664

edward.kohlberg@ambest.com



Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com



Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best

FAQ

What is Athene Holding Ltd.'s new credit rating from AM Best?

Athene Holding Ltd. has received a Long-Term Issue Credit Rating of bbb+ from AM Best.

What is the value and interest rate of the new notes issued by Athene?

Athene issued $500 million in senior unsecured notes with a 3.45% interest rate.

When are Athene's new unsecured notes due?

The new unsecured notes from Athene are due on May 15, 2052.

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

Athene plans to use the proceeds for general corporate purposes, including investment opportunities.

What is the outlook for Athene's credit rating?

The outlook for Athene's Long-Term Issue Credit Rating is stable.