Fitch Ratings upgraded the long-term issuer default rating to BBB from BBB- of American Equity Investment Life Holding Co.
The rating agency also lifted the insurer financial strength ratings to A- from BBB+ of operating subsidiaries American Equity Investment Life Insurance Co., American Equity Investment Life Insurance Co. of New York and Eagle Life Insurance Co.
The outlook was changed to stable from positive.
Fitch said the upgrade reflects American Equity Investment Life Holding's enhanced business profile, which the rating agency sees as moderate and in line with the broader North American life insurance sector. It also considers, among other things, the company's improved financial leverage, which Fitch expects to continue improving.
