Fitch to rate American National notes BBB

Fitch Ratings said it assigned an expected rating of BBB to American National Group, Inc.'s proposed senior debt offering.

The ratings previously assigned to American National and its insurance operating subsidiaries are unaffected by the action, Fitch said.

The agency said the notes have been assigned an expected rating one notch below American National's BBB+ long-term issuer default rating, which reflects standard notching.

American National's proposed issuance of senior unsecured notes follows the close of the acquisition of the company by Brookfield Asset Management Reinsurance Partners Ltd. on May 25 and represents a significant step towards American National's long-term target capital structure, Fitch said.

Proceeds from the proposed issuance will be used to repay outstanding balances under the company's term loan facility, and as such, Fitch said it doesn’t expect the proposed issuance to affect financial leverage.

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