On July 5, 2023, American Equity Investment Life Holding Co. (AEL) announced that it will be acquired by Brookfield Reinsurance Ltd. (Brookfield) in a cash and stock transaction valued at approximately $4.3 billion. As a result, we placed our ratings on AEL on CreditWatch with negative implications. We could take up to two notches of rating action within the next 90 days or longer as we assess AEL's standalone fundamentals in tandem with expected impacts of support from its new parent. On July 6, 2023, S&P Global Ratings placed the credit ratings on American Equity Investment Life Holding Co. and its subsidiaries on CreditWatch with negative implications. This includes the long-term issuer credit rating on American Equity Investment Life Holding
