AM Best Assigns Issue Credit Rating to Athene Holding Ltd.’s New Senior Unsecured Notes
AM Best has issued a Long-Term Issue Credit Rating of bbb for Athene Holding Ltd.'s recently issued $500 million senior unsecured notes, maturing January 15, 2031. The outlook is positive, reflecting stable proforma financial leverage and interest coverage metrics. Athene plans to use the proceeds for corporate purposes, including investment opportunities and growth. The existing ratings for Athene and its subsidiaries remain unchanged, with the last affirmation occurring on May 22, 2020.
- Assigned Long-Term Issue Credit Rating of 'bbb' for $500M notes.
- Positive outlook indicates strong financial stability.
- Proceeds will support investment opportunities and growth.
- None.
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the recently issued
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.
The outlooks of Athene’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb”, its existing Long-Term IRs and the Long-Term ICRs of its operating insurance subsidiaries were affirmed with a positive outlook on May 22, 2020 (see related press release), and remain unchanged following this issuance of the preferred shares.
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