AM Best Assigns Issue Credit Rating to American Equity Investment Life Holding Company’s New Preferred Stock
November 19 2019 - 3:05PM
Business Wire
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term
IR) of “bb” to the $400 million 5.95%, perpetual, non-cumulative
preferred stock recently issued by American Equity Investment Life
Holding Company [NYSE: AEL] (AEL) (West Des Moines, IA). The
outlook assigned to this Credit Rating (rating) is stable.
AEL intends to use the proceeds to repurchase subordinate debt
along with general corporate purposes. AM Best notes that financial
leverage and interest coverage metrics will experience modest
declines but will remain within AM Best methodology guidelines.
The outlooks remain unchanged, with Long-Term Issuer Credit
Ratings of “a-” for American Equity Investment Life Insurance
Company and its subsidiaries.
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 credit rating agency, news publisher and
data provider specializing in the insurance industry. The company
does business in more than 100 countries. Headquartered in Oldwick,
NJ, AM Best has offices in cities around the world, including
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For
more information, visit www.ambest.com.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20191119006008/en/
Erik Miller, CFA Associate Director +1 908 439
2200, ext. 5187 erik.miller@ambest.com
Rosemarie Mirabella Director +1 908 439 2200,
ext. 5892 rosemarie.mirabella@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
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