A.M. Best Assigns Rating to American Financial Group, Inc.’s Recently Announced Senior Unsecured Notes
August 17 2016 - 3:27PM
Business Wire
A.M. Best has assigned an issue rating of “a-” to the
recently announced $300 million 3.5% 10-year senior unsecured notes
of American Financial Group, Inc. (AFG) (Cincinnati, OH)
(NYSE: AFG). The assigned outlook is stable. AFG’s issuer credit
rating of “a-”, its existing issue ratings and the ratings of its
operating insurance subsidiaries are unchanged.
The proceeds from this issuance will be used to fund a portion
of the purchase price to acquire all of the common shares of
National Interstate Corporation (NATL) [NASDAQ: NATL], not
currently owned by AFG’s subsidiary, Great American Insurance
Company. The merger is expected to close in the fourth quarter
of 2016. Should the deal not consummate, the funds will be utilized
for general corporate purposes, which may include stock
repurchases. While AFG’s financial leverage will modestly increase
in the near term, it will remain within A.M. Best’s guidelines to
support its current ratings.
This press release relates to rating(s) that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating
Services, Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20160817006152/en/
A.M. BestMichael Russo, +1-908-439-2200, ext.
5372Senior Financial
Analystmichael.russo@ambest.comorJennifer Marshall,
+1-908-439-2200, ext. 5327Assistant Vice
Presidentjennifer.marshall@ambest.comorChristopher
Sharkey, +1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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