S&P lifts AAG notes

Standard & Poor's said it raised AAG Holding Co. Inc.'s 6 7/8% senior notes due June 1, 2008, 7½% senior notes due Nov. 5, 2033 and 7¼% senior notes due Jan. 23, 2034 to BBB from BBB-.

The outlook is stable.

On May 17, AAG parent company Great American Financial Resources Inc. (BBB-/stable) entered into a merger agreement with American Financial Group Inc. (BBB/stable) under which Great America would acquire the Great American shares not already owned by American Financial. The merger was approved by Great American shareholders on Friday, and American Financial and AAG entered a supplemental indenture whereby American Financial unconditionally guarantees all payments due under AAG's notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.