Fitch rates Global Atlantic notes BBB

Fitch Ratings said it assigned a BBB rating to Global Atlantic Financial Group's new issuance of senior unsecured notes maturing 2031. The notes are issued out of Global Atlantic (Fin) Co. and are guaranteed by Global Atlantic Financial Ltd.

The agency rates both Global Atlantic (Fin) and Global Atlantic Financial with BBB+.

Fitch said it assigned a rating one notch below the issuer rating, which reflects standard notching based on its rating criteria. All other GAFG related ratings are unaffected by this rating action.

Global Atlantic group intends to use the proceeds to pay down borrowings on the revolving credit facility, and a $225 million term loan maturing in December 2023. Any remaining proceeds will be used for general corporate purposes.

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