OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $600 million, 6.375%, perpetual, non-cumulative preferred stock, Series C, 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 proceeds for general corporate purposes, including support of investment opportunities, inorganic growth and their 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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