OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the recently issued $500 million 6.150% senior unsecured notes due 2030 for Athene Holding Ltd. (Athene) (Bermuda) [NYSE:ATH]. The outlook assigned to this Credit Rating (rating) is positive. The existing ratings of Athene and its insurance subsidiaries remain unchanged.
Athene intends to use the net proceeds from the issuance for general corporate purposes, including support of investment opportunities, organic and inorganic growth, and its commitment to Athene Co-Invest Reinsurance Affiliate (ACRA). AM Best notes that proforma financial leverage and interest cover metrics remain within guidelines for the current ratings.
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