S&P assigns BBB to Athene debentures

S&P said it assigned a BBB rating to the new fixed-rate reset junior subordinated notes due in 2064, issued by Athene Holding Ltd. (AHL).

“The ratings on the proposed notes are two notches lower than the A- senior debt and issuer credit ratings on the insurance holding company. The two notches reflect the subordination of these notes and optional interest deferability feature,” S&P said in a statement.

AHL intends to use the proceeds for capital contributions to its operating subsidiaries and general corporate purposes.

The outlook is stable.

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