AM Best Assigns Issue Credit Rating to Brighthouse Financial, Inc.'s New Senior Unsecured Notes

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "bbb+" to the new $500 million 5.625% senior unsecured notes due May 15, 2030, issued by Brighthouse Financial, Inc. (Brighthouse) (headquartered in Charlotte, NC) BHF. The outlook assigned to this Credit Rating (rating) is stable.

Brighthouse will use the net proceeds to pay a portion of its term loan. The impact of the transaction on leverage is expected to be neutral after the company pays down part of its term loan. Interest coverage decreased on a trailing 12-month basis from prior periods, as major hedge gains in first-quarter 2020 reduced earnings before interest and taxes (EBIT).

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