Best’s News & Research Service - March 26, 2025 03:31 PM (EDT)
AM Best Assigns Issue Credit Rating to Equitable Holdings, Inc.’s New Junior Subordinated Notes
- March 26, 2025 03:31 PM (EDT)
//BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the $500 million 6.7% junior subordinated notes, due 2055, issued by Equitable Holdings, Inc. (Delaware) on March 26, 2025. The outlook assigned to this Credit Rating (rating) is stable.
The net proceeds from Equitable Holdings, Inc.’s recent debt issuance are expected to be used to repurchase in whole or part the Series B Depositary preferred shares and for general corporate purposes. Financial leverage and interest coverage ratios are within rating guidelines.
The Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of Equitable Holdings, Inc. and the Financial Strength Rating of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of the insurance operations of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY) remain unchanged. EFLICOA and EFLIC collectively are referred to as Equitable Life.
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