Fitch gives Global Atlantic notes BB+

Fitch Ratings said it gave a BB+ rating to Global Atlantic Financial Group's new issuance of junior subordinated debentures maturing Oct. 15, 2051.

The notes are issued out of Global Atlantic (Fin) Co. and are guaranteed by Global Atlantic Financial Ltd. Both Global Atlantic (Fin) and Global Atlantic Financial have BBB+ long-term issuer default ratings.

Fitch said it assigned the notes a rating three notches below the IDR under a ring-fencing assumption for the U.S.-based issuer, reflecting two notches for subordination and one notch for minimal non-performance. All other GAFG related ratings are unaffected by this rating action.

GAFG intends to use the proceeds for working capital and general corporate purposes, which may include repaying its current outstanding junior subordinated debentures on or after October 2021.

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