Sign In  |  Register  |  About San Rafael  |  Contact Us

San Rafael, CA
September 01, 2020 1:37pm
7-Day Forecast | Traffic
  • Search Hotels in San Rafael

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

AM Best Assigns Issue Credit Ratings to Brighthouse Financial, Inc.’s Forthcoming Senior Unsecured Notes and Preferred Stock

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the forthcoming $400 million, 3.85% senior unsecured notes, due Dec. 22, 2051, and a Long-Term IR of “bbb-” (Good) to the $350 million, 4.625% non-cumulative preferred stock, to be issued by Brighthouse Financial, Inc. (Brighthouse) (headquartered in Charlotte, NC) [NASDAQ: BHF]. The outlook assigned to these Credit Ratings (rating) is stable.

In addition, on Nov. 9, 2021, Brighthouse Financial announced the commencement of a cash tender offer for an aggregate purchase price of up to $500 million (subsequently increased to up to the $750 million aggregate purchase price) of its outstanding 3.7% senior unsecured notes due 2027 and its 4.7% senior unsecured notes due 2047. Brighthouse intends to use the net proceeds of the issuances of the 3.85% senior unsecured notes and the 4.625% non-cumulative preferred stock to fund the cash tender offer.

The company estimates its risk-based capital ratio range between 520% and 540% as of third-quarter 2021. The overall impact to financial leverage and coverage metrics is expected to be approximately neutral.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts:

Shauna Nelson
Senior Financial Analyst

+1 908 439 2200, ext. 5365
shauna.nelson@ambest.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanRafael.com & California Media Partners, LLC. All rights reserved.