OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb” to the $300 million, 6.625%, perpetual, non-cumulative preferred stock recently issued by American Equity Investment Life Holding Company (AEL) (West Des Moines, IA) [NYSE: AEL]. The outlook assigned to this Credit Rating (rating) is stable.
AEL intends to use the proceeds mainly to bolster liquidity and other general corporate purposes. AM Best notes AEL’s financial leverage and interest coverage metrics will experience modest increases but will remain within AM Best’s guidelines for its current ratings.
The Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” with stable outlooks of American Equity Investment Life Insurance Company and its subsidiaries remain unchanged.
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