A.M. Best Assigns Debt Rating to American Financial Group, Inc.’s Forthcoming Subordinated Debentures

A.M. Best has assigned a debt rating of “bbb+” to the forthcoming 40-year, $150 million 6.25% subordinated debentures of American Financial Group, Inc. (AFG) (Cincinnati, OH) (NYSE:AFG). The assigned outlook is stable. AFG’s existing financial strength, issuer credit and debt ratings remain unchanged. (Please see A.M. Best’s press release dated February 21, 2014 for more detail on the ratings of AFG and its operating subsidiaries.)

A.M. Best anticipates the proceeds from this issuance will be used for general corporate purposes, which may include stock repurchases and/or the redemption of the existing $132 million, 7% senior notes that become redeemable beginning on Sept. 30, 2015.

While AFG maintains financial leverage that is in line with its current rating, the additional liquidity provided through access to capital markets and lines of credit enhances the financial flexibility of its operating subsidiaries.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

A.M. Best Company, Inc.Gordon McLean, 908-439-2200, ext. 5304Senior Financial Analystgordon.mclean@ambest.comorJennifer Marshall, 908-439-2200, ext. 5327Assistant Vice Presidentjennifer.marshall@ambest.comorChristopher Sharkey, 908-439-2200, ext. 5159Manager, Public Relationschristopher.sharkey@ambest.comorJim Peavy, 908-439-2200, ext. 5655Assistant Vice President, Public Relationsjames.peavy@ambest.com

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