S&P rates American Financial notes BBB

Standard & Poor's said it assigned a BBB senior debt rating to American Financial Group Inc.'s proposed $132 million senior unsecured notes issue.

The proceeds will be used for general corporate purposes.

The ratings reflect the continuation of solid operating performance in the property casualty insurance segment, S&P said, and the annuity and supplemental life insurance segments.

The company's financial leverage of 20% and 8.5x EBIT fixed charge coverage also are consistent with expectations, the agency said, and will not be materially burdened by the proposed debt issuance.

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