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AMERICAN ANNUITY GROUP'S $85 MILLION SENIOR NOTES RATED 'BB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 23 /PRNewswire/ -- American Annuity Group, Inc.'s $85 million proposed senior note offering due 2001 is rated 'BB' by Fitch. The notes are expected to refinance part of the company's existing senior bank debt. American Annuity's $125 million 'BB-' senior subordinated notes due 2003 are affirmed. The credit trend is stable.
 American Annuity Group, which was previously STI Group Inc., is an insurance holding company. Its sole subsidiary is Great American Life Insurance Co. (GALIC), a writer of tax-deferred annuities marketed to employees of educational institutions and not-for-profit organizations.
 The rating reflects American Annuity's leveraged balance sheet, limited resources at the holding company level, and dependence on GALIC's earnings power. These factors are mitigated by GALIC's sound business fundamentals and expected dividend capability based on historical and projected earnings performance, which should enable American Annuity to cover scheduled debt service adequately.
 At March 31, 1993, American Annuity had consolidated GAAP assets of $4.6 billion, capital of $219.3 million, and net income of $11.5 million.
 -0- 7/23/93
 /CONTACT: Lygia X. Campbell of Fitch, 212-908-0695/
 (AAG)


CO: American Annuity Group, Inc. ST: IN: INS SU: RTG

WB -- NY082 -- 5303 07/23/93 16:35 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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