OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $750 million, 6.35%, perpetual, non-cumulative preferred stock, Series A, recently issued by Athene Holding Ltd. (Athene) (Bermuda) [NYSE:ATH]. The outlook assigned to the Credit Rating (rating) is positive.
Athene intends to use the net proceeds of the offering for various purposes, which include supporting capital growth at its insurance subsidiaries as well as additional buybacks of its common stock. AM Best notes that financial leverage and interest cover metrics will experience modest deterioration, but remain well within guidelines.
The outlooks of Athene’s Long-Term Issuer Credit Rating of “bbb”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries were revised to positive from stable on May 15, 2019, and remain unchanged following the issuance of the preferred shares.
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