S&P gives Global Atlantic notes BBB-

S&P said it assigned its BBB- rating to Global Atlantic Financial Group's senior unsecured notes.

Global Atlantic (Fin) Co. is issuing these notes, which are fully guaranteed by Global Atlantic Financial Ltd. Both entities have BBB- long-term issuer credit ratings.

Global Atlantic is expected to use the proceeds to pay down the revolving credit facility and repay its term loan, as well as for general corporate purposes.

“We do not expect this additional debt to have a material impact on GAFG's financial leverage. We expect the group to maintain financial leverage close to 30% on a reported equity basis and around 20%-25% excluding accumulated other comprehensive income, with fixed-charge coverage above 5x over the next 12-24 months,” S&P said in a press release.

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