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American Financial Group Inc. Proposed Subordinated Debt Rated 'BBB-'
  • 11-Mar-2019 13:04 EDT
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NEW YORK (S&P Global Ratings) March 11, 2019--S&P Global Ratings said today
that it has assigned its 'BBB-' debt rating to American Financial Group Inc.'s
(NYSE: AFG) proposed issuance of fixed-rate cumulative subordinated debt. This
subordinated debt rating is two notches below our 'BBB+' long-term issuer
credit and senior debt ratings on AFG. The two notches represent the
subordination of the issue and its optional deferability.

The subordinated debt will rank junior to all current and future of AFG's
senior debt and will rank equally with other subordinated debt. The interest
on subordinated debt is cumulative. Other than a rating agency or tax event
(as defined in the offering prospectus), AFG has the option of redeeming the
debenture on or after March 30, 2024. As per our methodology, we will view the
subordinated debt as having intermediate equity content for general corporate
purposes.

We view AFG's financial flexibility as strong, supported by its proven history
of accessing external capital and liquidity through various channels. We
expect financial leverage to remain at or below 25% and fixed-charge coverage
above 8x for full-year 2019.
 

Disney Downgraded To 'A' On Risks Associated With Strategic Pivot And Integration Of Fox; Outlook Stable
  • 12-Mar-2019 09:37 EDT
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  • Burbank, Calif.-based TWDC Holdco 613 Corp. (to be renamed The Walt
    Disney Co. [Disney]) is poised to complete its acquisition of much of New
    York City-based Twenty-First Century Fox Inc. (21CF). At the same time,
    Disney will become the new parent company, and the former parent, The
    Walt Disney Co. (renamed TWDC Enterprises 18 Corp.) and 21CF will become
    wholly owned subsidiaries.
  • S&P Global Ratings lowered its ratings on Disney, including the issuer
    credit and issue-level ratings to 'A' from 'A+'. We removed our ratings
    on Disney from CreditWatch, where we placed them on Dec. 18, 2018. As a
    result of the downgrade, we lowered our short term rating on Disney to
    'A-1' from 'A-1+'.
  • We are also assigning our 'A' issuer credit rating to the proposed new
    parent company, TWDC Holdco 613 Corp. (renamed Disney).
  • The stable outlook on Disney reflects our belief that, notwithstanding a
    low probability event or action, Disney will be able to navigate the
    strategic shift and potential economic downturn, without breaching our
    2.5x downside threshold, and maintaining adequate headroom.
 
Fitch Rates AIG's New Sr. Unsecured Notes 'BBB+'
12 MAR 2019 04:14 PM ET




Fitch Ratings-Chicago-12 March 2019: Fitch Ratings has assigned a 'BBB+' rating to American International Group, Inc.'s (AIG) $600 million senior notes due 2029.

KEY RATING DRIVERS
The new issue is rated equivalent to the ratings of AIG's existing senior debt. The net proceeds of the offering are expected to be used to partially fund $1 billion in senior debt maturing in July 2019.

Fitch affirmed AIG's and its insurance operating subsidiaries ratings on March 4, 2019. The rating action commentary is available on www.fitchratings.com.
 

Romania 'BBB-/A-3' Ratings Affirmed; Outlook Stable
  • 15-Mar-2019 17:25 EDT
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OVERVIEW

  • We believe that the Romanian government will solicit input from key
    domestic stakeholders and revisit key parts of the emergency ordinance
    114.
  • In our view, this will likely contain imminent negative effects on
    monetary policy effectiveness and help recover confidence in the
    economy's medium-term growth outlook.
  • We are affirming our 'BBB-/A-3' sovereign credit ratings on Romania.
  • The outlook remains stable.
 
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