Fitch rates Athene preferreds BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Athene Holding Ltd.'s proposed issuance of non-cumulative perpetual preferred stock.

The company's issuer default rating of BBB+ and all other ratings are unaffected by this action, Fitch said.

The rating on the preferred stock is two notches lower than the issuer default rating based on "poor' recovery expectations, the agency said.

The new non-cumulative perpetual preferred stock is expected to receive 100% equity credit in evaluating financial leverage, Fitch noted.

The proceeds will be used for general corporate purposes, including share repurchases, the agency said.

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