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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 11, 2020 10:05 AM (EDT)
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.
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.