Fitch rates American Financial Group notes

Fitch Ratings said it has assigned a BBB+ senior debt rating to American Financial Group Inc.'s new offering of $100 million senior debentures due 2034.

Additionally, Fitch said it affirmed all other ratings for American Financial Group and its subsidiaries.

The outlook was revised to negative from stable.

Fitch said the change in outlook on the debt securities reflects Fitch's concerns that financial leverage at American Financial Group, on a consolidated basis, continues to be at the upper end of the range for the rating category. The two recently announced financing transactions lead to an increase in consolidated financial leverage, after adjusting for the loss of the equity credit previously assigned to the trust preferred securities that are being retired.

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