A.M. Best Assigns Issue Credit Rating to Fidelity & Guaranty Life Holdings, Inc.’s Senior Unsecured Notes

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $550 million 5.5% senior unsecured notes due 2025 issued by Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware). The outlook assigned to the Credit Rating (rating) is positive. FGLH’s Long-Term Issuer Credit Rating of “bb+” with a positive outlook and the Credit Ratings of its operating insurance subsidiaries are unchanged.

The debt issuance will be used to repay $135 million of borrowings under the company’s revolving credit facility and to redeem in full and satisfy and discharge the entire outstanding $300 million aggregate principal amount of FGLH’s outstanding 6.375% senior notes due 2021. The remaining amount will be used for general corporate purposes, which may include additional capital contributions to the company’s insurance subsidiaries. The company’s adjusted financial leverage is expected to remain adequate at 26% following the redemption of the senior notes.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Jason MacKenzie, +1 908 439 2200, ext.5649
Financial Analyst
jason.mackenzie@ambest.com
or
Edward Kohlberg, +1 908 439 2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Jason MacKenzie, +1 908 439 2200, ext.5649
Financial Analyst
jason.mackenzie@ambest.com
or
Edward Kohlberg, +1 908 439 2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com