American Equity Investment Life Holding Co. Perpetual Preferred Stock Rated 'BB"

NEW YORK (S&P Global Ratings) Nov. 13, 2019--S&P Global Ratings said today that it has assigned its 'BB' debt rating to American Equity Investment Life Holding Co.'s (AEL) proposed issuance of fixed-rate reset noncumulative preferred stock, Series A. This preferred share rating is two notches below our 'BBB-' long-term issuer credit rating on AEL. The two-notch differential represents the subordination of the issue and the optional dividend deferability of the preferred shares. We expect the company to use the proceeds from these shares for general corporate purposes and to redeem eight series of subordinated debentures that do not qualify for equity content treatment under our criteria (see American Equity Investment Life Holding Co. And Subsidiary Ratings Affirmed; Outlook Stable ,

...November 13, 2019 NEW YORK (S&P Global Ratings) Nov. 13, 2019--S&P Global Ratings said today that it has assigned its '##' debt rating to American Equity Investment Life Holding Co.'s (AEL) proposed issuance of fixed-rate reset noncumulative preferred stock, Series A. This preferred share rating is two notches below our '###-' long-term issuer credit rating on AEL. The two-notch differential represents the subordination of the issue and the optional dividend deferability of the preferred shares. We expect the company to use the proceeds from these shares for general corporate purposes and to redeem eight series of subordinated debentures that do not qualify for equity content treatment under our criteria (see American Equity Investment Life Holding Co. And Subsidiary Ratings Affirmed; Outlook Stable , published Aug. 15, 2019). Specifically, we expect the following redemptions: - American Equity Capital Trust III, maturity April 29, 2034 - American Equity Capital Trust IV, maturity Jan....

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