MAY 15, 2020 04:48:21 Eastern Daylight Time

AM Best Assigns Issue Credit Rating to Brighthouse Financial, Inc.’s New Senior Unsecured Notes


CONTACTS:
 Bruno Caron
Senior Financial Analyst
+1 908 439 2200, ext. 5144
bruno.caron@ambest.com

Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - MAY 15, 2020 04:48:21 Eastern Daylight Time
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to the new $500 million 5.625% senior unsecured notes due May 15, 2030, issued by Brighthouse Financial, Inc. (Brighthouse) (headquartered in Charlotte, NC) [NASDAQ: BHF]. The outlook assigned to this Credit Rating (rating) is stable.

Brighthouse will use the net proceeds to pay a portion of its term loan. The impact of the transaction on leverage is expected to be neutral after the company pays down part of its term loan. Interest coverage decreased on a trailing 12-month basis from prior periods, as major hedge gains in first-quarter 2020 reduced earnings before interest and taxes (EBIT).

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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AMB# Company Name
046498 Brighthouse Financial, Inc.