OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb” to the recently issued $500 million 3.5% senior unsecured notes due Jan. 15, 2031 for Athene Holding Ltd. [NYSE:ATH]. The outlook assigned to this Credit Rating (rating) is positive. The existing ratings of Athene and its insurance subsidiaries remain unchanged.

Athene intends to use the proceeds for general corporate purposes, including support of investment opportunities, organic and inorganic growth 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.

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.

AM Best

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