American National Group Inc.'s Proposed Perpetual Preferred Stock Rated 'BB+'

NEW YORK (S&P Global Ratings) Jan. 7, 2025--S&P Global Ratings today assigned its 'BB+' rating to American National Group Inc.'s proposed issuance of fixed-rate noncumulative preferred stock, Series D. This preferred stock rating is two notches below our 'BBB' long-term issuer credit rating on American National Group Inc. This represents the subordination of the issue and the optional dividend deferrability of the preferred shares. We expect that the company will use the proceeds from the Series D preferred shares to repay a portion of its Series A preferred stock. We will likely view the Series D preferred stock instrument as having intermediate equity content for the purpose of our capital-adequacy calculations. Unless there's a rating agency or regulatory capital event,

...January 7, 2025 NEW YORK (S&P Global Ratings) Jan. 7, 2025--S&P Global Ratings today assigned its '##+' rating to American National Group Inc.'s proposed issuance of fixed-rate noncumulative preferred stock, Series D. This preferred stock rating is two notches below our '###' long-term issuer credit rating on American National Group Inc. This represents the subordination of the issue and the optional dividend deferrability of the preferred shares. We expect that the company will use the proceeds from the Series D preferred shares to repay a portion of its Series A preferred stock. We will likely view the Series D preferred stock instrument as having intermediate equity content for the purpose of our capital-adequacy calculations. Unless there's a rating agency or regulatory capital event, American National Group will have the option to redeem these preferred shares on or after Jan. 15, 2030. As of Sept. 30, 2024, American National Group's financial leverage (including hybrids) was about...

Ratings Action