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AM Best assigns issue credit rating of ‘a-’ to AFG’s new senior unsecured notes

Written by Adam Cadle
30/03/2020

AM Best has assigned a long-term issue credit rating of “a-” to the new $300m 5.25% 10-year senior unsecured notes due April 2030 recently issued by American Financial Group (AFG).

The outlook assigned to this credit rating is stable. The existing ratings of AFG and its subsidiaries are unchanged.

AFG intends to use the net proceeds of the offering for general corporate purposes and following the completion of the transaction, AFG’s adjusted financial leverage ratio will increase modestly, while its interest coverage ratio will remain largely unchanged.

AFG’s adjusted and unadjusted financial leverage ratios and interest coverage measures all remain within AM Best’s guidelines for AFG’s current ratings and are expected to remain so over the near term.

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