Fitch assigns Global Atlantic notes BBB

Fitch Ratings said it rated Global Atlantic Financial Group's new issuance of senior unsecured notes maturing in 2054 BBB. The notes are issued by Global Atlantic (Fin) Co. and are guaranteed by Global Atlantic Ltd. Both Global Atlantic (Fin) and Global Atlantic Ltd. have BBB+ long-term issuer default ratings.

“The notes have been assigned a rating one notch below the Long-Term IDR, reflecting standard notching based on Fitch's rating criteria. All other Global Atlantic-related ratings are unaffected by this rating action,” the agency said in a press release.

Global Atlantic intends to use the proceeds to repay about $300 million of borrowings from its revolving credit facility due August 2026. Anything left will be used for general corporate purposes.

The outlook is stable.

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