Best’s News & Research Service - June 15, 2023 01:56 PM (EDT)
AM Best Assigns Issue Credit Rating to Reinsurance Group of America, Incorporated’s New Senior Unsecured Notes
- June 15, 2023 01:56 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the new $400 million, 6.00% senior unsecured notes due Sept. 15, 2033, recently issued by Reinsurance Group of America, Incorporated (RGA) (Chesterfield, MO) [NYSE: RGA]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of RGA and its insurance subsidiaries remain unchanged.
The proceeds from the sale of the notes will be used to pay for the redemption of RGA’s existing $400 million, 4.7% senior unsecured notes due Sept. 15, 2023. RGA’s financial leverage and interest coverage will remain within AM Best’s guidelines to support the company’s current ratings.
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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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.