AM Best assigned a Long-Term Issue Credit Rating of 'bbb-' (Good) to Equitable Holdings, Inc.'s $500 million 6.7% junior subordinated notes, due 2055, on March 26, 2025. The outlook assigned to this rating is stable.
The net proceeds from this debt issuance are expected to be utilized for the repurchase of Series B Depositary preferred shares, either in whole or in part, and for general corporate purposes. This move aligns with Equitable's capital optimization strategies.
AM Best noted that Equitable Holdings' financial leverage and interest coverage ratios remain within rating guidelines. The successful issuance and rating of these notes enhance the company's financial flexibility and support its ongoing capital management initiatives.
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