A.M. Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (ICR) of "a-" of the following subsidiaries of Sagicor Financial Corporation Limited (SFC) (Bermuda): Sagicor Life Inc. (St. Michael, Barbados), Sagicor General Insurance Inc. (Bridgetown, Barbados) and Sagicor Life Insurance Company (Austin, TX). In addition, A.M. Best has removed from under review with negative implications and affirmed the FSR of B++ (Good) and the Long-Term ICR of "bbb" of Sagicor Life Jamaica Limited (Kingston, Jamaica), a subsidiary of SFC. A.M. Best also has removed from under review with negative implications and affirmed the Long-Term ICR of "bbb-" of SFC.
Concurrently, A.M. Best has removed from under review with negative implications and downgraded the Long-Term Issue Credit Rating to "bbb" from "bbb+" on the USD 320 million, 8.875% senior unsecured notes that mature in 2022 of Sagicor Finance (2015) Limited (Cayman Islands), noting increased government debt, reduced financing options, minimal fiscal reforms and limited monetary policy options available in Barbados. The outlook assigned to all of these Credit Ratings (ratings) is stable.
The ratings had been placed under review with negative implications in late-March 2017 following the downgrade of Barbados' long-term sovereign ratings. The ratings were removed from under review after A.M. Best conducted reviews with SFC management, evaluated year-end financial information for SFC and its rated subsidiaries and further assessed the potential impact of the evolving situation in Barbados on the operating performance, business profiles and risk-based capital metrics of SFC and its Barbados-based subsidiaries.
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. For information on the proper media use of Best's Credit Ratings and A.M. Best press releases, please view Guide for Media Proper Use of Best's Credit Ratings and A.M. Best Rating Action Press Releases
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