American Equity and subsidiaries rank ‘negative’
A.M. Best Co. has assigned a debt rating of “bbb-” to the $200 million 3.5 percent senior unsecured convertible notes due in 2015 of American Equity Investment Life Holding Co. The assigned outlook is negative, which is consistent with all the ratings of American Equity and its operating insurance subsidiaries, MarketWatch reported. The notes were priced on Sept. 16 and the transaction closed Sept. 22. A.M. Best said financial leverage and coverage ratios remain within its guidelines for its debt ratings and are expected to remain so over the near term.
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