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A.M. Best Co. has assigned a debt rating of “bbb+” to the forthcoming 30-year, $125 million 5.75% senior unsecured notes of
American Financial Group, Inc. (AFG) (Cincinnati, OH) [NYSE:AFG]. The assigned outlook is positive. AFG’s existing financial strength, issuer credit and debt ratings are unchanged.
A.M. Best anticipates the proceeds from this issuance will be used to redeem the entire aggregate principal amount of $115 million 7.125% senior debentures due 2034, plus any accrued and unpaid interest. The remaining proceeds will be used for general working capital purposes.