AM Best Assigns Issue Credit Rating to Globe Life Inc.’s New Junior Subordinated Notes
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OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the newly issued $325 million 4.25% junior subordinated debentures, due June 15, 2061, of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Globe Life and its insurance subsidiaries remain unchanged.
Globe Life’s financial leverage and interest coverage ratios remain within AM Best’s guidelines for its rating. The proceeds from this offering will be used to redeem the $300 million outstanding principal amount of the 6.125% junior subordinated debentures due 2056, with the remainder to be used for general corporate purposes. Globe Life has generated strong cash flows consistently and maintained ample liquidity, which supports the company’s ability to cover holding company cash flow requirements.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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.
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Source: AM Best
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