S&P rates AmerUs preferreds BB+

Standard & Poor's said it assigned its BB+ preferred stock rating to AmerUs Group Co.'s proposed $250 million series A non-cumulative perpetual preferred stock issue.

S&P said the counterparty credit rating on AmerUs is based on its insurance subsidiaries' very strong competitive position in the equity-indexed life and equity-indexed annuity markets, improving cash flows and earnings capacity, very strong liquidity, and moderate debt leverage.

Offsetting these positive factors, the agency said, is significant amounts of hybrid debt in its capital structure and high double leverage for the rating.

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