Fitch rates Athene preferreds BBB-

Fitch Ratings said it assigned a rating of BBB- to Athene Holding Ltd.'s (BBB+) issuance of $750 non-cumulative perpetual preferred shares.

The agency said the rating assigned to the issuance of preferred shares reflects notching set at two below Athene's issuer default rating based on poor recovery expectations, with no additional notching for minimal non-performance risk.

Fitch said its approach for notching reflects the regulatory environment of Bermuda, which is assessed as being effective and classified as following a group solvency approach.

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