AM Best Assigns Issue Credit Rating to Athene Holding Ltd.’s New Preferred Stock

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $575 million, 4.875%, perpetual, non-cumulative preferred stock issued by Athene Holding Ltd. (Athene) (Bermuda) [NYSE:ATH]. The outlook assigned to this Credit Rating (rating) is positive.

Athene intends to use the proceeds for general corporate purposes, including support of investment opportunities, inorganic growth and organic and its 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.

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 positive outlooks on May 22, 2020 (see related press release), and remain unchanged following this 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 Guide to 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.

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