Fitch gives Global Atlantic notes BBB

Fitch Ratings said it gave a long-term debt rating of BBB to Global Atlantic Financial Group's new issuance of senior unsecured notes maturing in 2033. Global Atlantic (Fin) Co. will issue the notes, which will be guaranteed by Global Atlantic Financial Ltd.

Both Global Atlantic (Fin) and Global Atlantic Financial have BBB+ long-term issuer default ratings. “The notes have been assigned a rating one notch below the long-term IDR, which reflects standard notching based on Fitch's rating criteria. All of Global Atlantic's related ratings are unaffected by this rating action,” Fitch said in a press release.

Global Atlantic intends to use the proceeds to repay $400 million of borrowings from its revolving credit facility due August 2026. Any remaining proceeds will be used for general corporate purposes.

The outlook is stable.

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