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S&P gives BBB to American National notes
S&P said it assigned its BBB debt rating to the proposed fixed-rate senior notes to be issued by American National Group Inc.
The proposed notes will be structurally subordinated to policyholder liabilities at its subsidiaries.
“American National has indicated that it will use the proceeds from this issuance to repay a portion of the outstanding borrowings under its term credit facility that was established as part of the acquisition of American National Group, Inc. by Brookfield Asset Management Reinsurance Partners, Ltd. We expect American National's financial leverage to be about 20%-25% and fixed-charge coverage above 4x in 2022 and 2023,” S&P said in a news release.
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