OREANDA-NEWS. Fitch Ratings has assigned an 'A-' rating to Athene Global Funding secured notes program. The Rating Outlook is Stable.

KEY RATING DRIVERS

Athene Global Funding is a statutory trust domiciled in the state of Delaware. Athene Global Funding may from time to time offer up to \$5 billion of its senior secured medium-term notes pursuant to a global debt issuance program. The trust was established for the sole purpose of issuing debt instruments secured by funding agreements issued by Athene Annuity & Life Assurance Company, a Delaware-domiciled insurance company, or Athene Annuity and Life Company, an Iowa-domiciled insurance company. These companies carry 'A-' Insurer Financial Strength (IFS) ratings from Fitch.

The assignment of the 'A-' ratings to the note program recognizes that the obligations are secured by a funding agreement with cash flow structures that enable the trustees to make payments on the notes. Thus the notes are dependent upon the credit quality of the insurer issuing the funding agreements and are therefore assigned the insurers' IFS rating.

On May 11, 2015 Fitch upgraded the IFS rating of Athene Annuity & Life Assurance Company to 'A-' from 'BBB+' with a Stable Outlook. On May 13, 2015 Fitch assigned initial 'A-' Insurer Financial Strength (IFS) ratings to Athene Annuity and Life Company; Athene Annuity & Life Assurance Company of New York; and Athene Life Re Ltd. At the same time, Fitch assigned a long-term Issuer Default Rating (IDR) of 'BBB' to Athene Holding Ltd. The Rating Outlook is Stable.