AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $575 million, 4.875%, perpetual, non-cumulative preferred stock issued by Athene Holding Ltd. (Athene) (Bermuda) [NYSE:ATH]. The outlook assigned to this Credit Rating (rating) is positive.
Athene intends to use the proceeds for general corporate purposes, including support of investment opportunities, inorganic growth and organic and its 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.
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 positive outlooks on May 22, 2020 (see related press release), and remain unchanged following this issuance of the preferred shares.
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