Sagicor Financial Corporation has
pledged its support to its Jamaican operations and the recovering Jamaican
economy following a rating downgrade
A.M Best has downgraded the ratings
of Sagicor Financial Corporation (SFC) and its Caribbean life insurance
subsidiaries, Sagicor Life Inc (SLI), Sagicor Capital Life Insurance Company
Limited (Sagicor Capital) and Sagicor Life Jamaica (SLJ).
A.M. Best downgraded the financial
strength ratings of Sagicor Life Inc and Sagicor Capital from A (Excellent) to
A- (Excellent) and SLJ from A (Excellent) to B++ (Good).
A.M. Best also downgraded the
issuer credit rating of the $150 million, 7.5 per cent 2016 senior unsecured
notes issued by SFC to ‘bbb-‘ from ‘bbb’ and debt rating to ‘bbb’ from ‘bbb+.
The rating agency cited ‘continued
significant revenue, asset and earnings exposure to the Jamaican economy’ as
the reasons for these rating changes.
Sagicor says that while it expects
the region to have challenges from time to time, especially when affected by
world economic conditions, it remains committed to the development of the
communities in which it operates, while delivering competitive returns to