Best’s News & Research Service - September 19, 2019 12:49 PM (EDT)
AM Best Assigns Issue Credit Rating to Athene Holding Ltd.’s New Preferred Stock
- September 19, 2019 12:49 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $300 million, 5.625%, perpetual, non-cumulative preferred stock, Series B, 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 net proceeds of the offering for general corporate purposes. AM Best notes that financial leverage and interest cover metrics will experience modest deterioration, but remain well within guidelines.
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 revised to positive from stable on May 15, 2019, and remain unchanged following the issuance of the preferred shares.
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