/Sagicor gets top rating from CariCRIS

Sagicor gets top rating from CariCRIS

CARIBBEAN Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the rating of jmAAA for Sagicor Life Jamaica Limited (SLJ) on its debt issue of US$75 million.

The rating indicates that Sagicor’s creditworthiness to the US$75 million obligation, adjudged in relation to other obligations within Jamaica is the highest.

According to a statement from CariCRIS, the rating includes a credit uplift for implied support from SLJ’s parent company, Sagicor Financial Corporation (SFC), through its controlling interest in Sagicor Group Jamaica Limited (SGJ).

“The rating continues to be supported by overall financial stability, continued healthy profitability and improved financial strength, as measured by its strong capitalisation level, in excess of the regulatory requirement,” CariCRIS said.

The rating agency, however, warned that these supporting factors are tempered by SLJ’s significant business and financial exposure to the highly indebted Jamaican economy.

“In addition, the protracted low interest rate environment in Jamaica has the potential to challenge SLJ’s ALM position going forward, thereby adversely impacting its long-term business,” it said.

Nonetheless, CariCRIS maintained a stable outlook on the ratings, reflective of the company’s market leadership in the Jamaican insurance industry.

http://www.jamaicaobserver.com/business-observer/sagicor-gets-top-rating-from-caricris_159400

By |2019-03-14T10:19:13+00:00March 14th, 2019|news|0 Comments

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