Capital actions taken by American Equity Investment Life Insurance's (AEL) management has alleviated some of our concerns about AEL's ability to withstand elevated credit losses. We expect additional financial flexibility will allow AEL to maintain its capital redundancy at the 'A' level. As a result, we are revising our outlook on AEL to stable from negative and affirming all our ratings on the group. The stable outlook reflects management's commitment in maintaining strong capitalization. On Aug. 21, 2020, S&P Global Ratings revised its outlook on American Equity Investment Life Insurance Co. and holding company American Equity Investment Life Holding Co. (collectively, AEL) to stable from negative. At the same time, we affirmed our 'A-' financial strength and issuer credit ratings
