Brighthouse Financial PFDs: Update With Acquisition Still Pending (Rating Upgrade)
Brighthouse Financial preferreds now rated Hold, as 12% yields offset risks tied to the uncertain Aquarian acquisition. Merger completion is delayed to December 2026 amid regulatory scrutiny and questions over Aquarian's financing, with a $70/share cash offer for common stock. BHF preferreds, all non-cumulative, face possible delisting post-merger; dividend coverage and equity ratios are modest, but no payments have been missed.