S&P Global Ratings upgraded the financial strength ratings of Athene Holding Ltd.’s operating companies to “A” from “A-.” S&P also upgraded the rating on Bermuda-based Athene Holding to “BBB+” from “BBB.” The outlook of these credit ratings is “stable.” The “A” financial strength rating is S&P’s third-highest rating category. S&P cited Athene’s improved business diversification as the primary reason for the improved rating. “Historically, Athene’s business has been concentrated in retail annuities, which made up over 85 percent of deposits in 2014. Since then, management has successfully diversified into flow reinsurance and pension risk transfers.” Athene, the parent company of West Des Moines-based Athene USA, earlier this month reported a record $2 billion of new deposits in its retail sales sector. “This upgrade reflects our stellar financial results and will accelerate the strong momentum of our business,” Jim Belardi, CEO of Athene Holding, said in a release.