AEL has 'A' capital redundancy and a leading position in the fixed-indexed-annuity market, albeit a narrow business focus. We are affirming our ratings on AEL and revising our view of the equity content of eight of AEL's outstanding hybrid issuances to no equity from intermediate equity content. The stable outlook reflects our belief that the company can maintain its leading FIA position amidst increasingly competitive conditions. On Aug. 15, 2019, S&P Global Ratings affirmed its 'A-' financial strength and long-term issuer credit ratings on American Equity Investment Life Insurance Co. and its 'BBB-' long-term issuer credit rating on holding company, American Equity Investment Life Holding Co. (collectively, AEL). The outlook is stable. We have also revised to no equity content
