OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $300 million, 5.625%, perpetual, non-cumulative preferred stock, Series B, 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 general corporate purposes. 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 (Long-Term ICR) of “bbb”, its existing Long-Term IRs and the Long-Term ICRs 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.
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 Understanding 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 and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.