AM Best Assigns Issue Credit Rating to Athene Holding Ltd.'s New Preferred Stock
OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term
IR) of "bb+" to the $750 million, 6.35%, perpetual, non-cumulative
preferred stock, Series A, 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 various
purposes, which include supporting capital growth at its insurance
subsidiaries as well as additional buybacks of its common stock. 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 of "bbb", its
existing Long-Term IRs and the ratings 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.
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 Understanding
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 rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
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Source: AM Best