MARCH 28, 2017 05:15 PM (EDT)
A.M. Best Places Credit Ratings of Sagicor Financial Corp. Limited and Its Subsidiaries Under Review With Negative Implications
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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 28, 2017 05:15 PM (EDT)
A.M. Best has placed under review with negative implications the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of Sagicor Financial Corporation Limited (SFC) (Bermuda) and the Financial Strength Ratings (FSR) and Long-Term ICRs of its insurance subsidiaries (see detailed list of companies below). A.M. Best also has placed under review with negative implications the Long-Term Issue Credit Rating of “bbb+” on the USD 320 million 8.875% senior unsecured notes that mature in 2022 of Sagicor Finance (2015) Limited.
The under review with negative implications status is in response to the potential impact on the business profiles, operating performance and risk-based capital metrics of SFC and its subsidiaries following the recent downgrade of the long-term sovereign ratings of Barbados.
The ratings will remain under review while A.M. Best conducts further reviews with company management, receives and reviews the year-end financial information of SFC and its rated subsidiaries and assesses the potential impact of the evolving situation in Barbados on the ratings.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” of the following subsidiaries of Sagicor Financial Corporation Limited have been placed under review with negative implications:
The FSR of B++ (Good) and the Long-Term ICRs of “bbb” of Sagicor Life Jamaica Limited (Kingston, Jamaica) have been placed under review with negative implications.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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