S&P rates American Financial Group notes BBB+

Standard & Poor's said it assigned its BBB+ senior debt rating to American Financial Group Inc.'s senior unsecured notes offering of up to $230 million.

The company intends to use the proceeds to redeem the outstanding balance on certain indebtedness, the agency said, adding that there will be no change in American Financial Group's adjusted debt and financial leverage ratios, which at year-end 2011 stood at 19.3% and 19.6%, respectively.

This is because the company will use these new notes to redeem its existing debt of equal amounts, the agency noted.

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