AM Best Assigns Issue Credit Rating to American Financial Group, Inc.’s New Subordinated Debentures
OLDWICK, N.J.--(BUSINESS WIRE)--Mar 12, 2019--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the new $125 million 5.875% 40-year subordinated debentures, due 2059, of American Financial Group, Inc. (AFG) (Cincinnati, OH) [NYSE:AFG]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of AFG and its subsidiaries are unchanged.
Proceeds of the new notes offered are intended to be used for general corporate purposes. Following the issuance, AFG’s financial leverage ratio will increase slightly while its coverage ratios could decrease modestly. Both ratios remain within AM Best’s guidelines for AFG’s current ratings and are expected to remain so over the near term.
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.
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 03/12/2019 01:53 PM/DISC: 03/12/2019 01:53 PM