S&P Global Ratings took various ratings actions on Dec. 12 on a number of South African insurers and reinsurers, following the Dec. 2 lowering of South Africa's long-term local-currency rating.
S&P lowered to BBB from BBB+ the long-term counterparty credit and financial strength ratings of AIG South Africa Ltd., AIG Life South Africa Ltd., Allianz Global Corporate & Specialty South Africa Ltd. and Santam Ltd., and affirmed the companies' "zaAAA" South Africa national scale ratings. The outlooks are negative.
The agency lowered to AA from AA+ the long-term counterparty credit and financial strength ratings of General Reinsurance Africa Ltd., with a negative outlook.
The rating agency affirmed the "zaAAA" long-term South Africa national scale rating of Sanlam Life Ins Ltd. and lowered the South Africa national scale rating of its nonoperating holding company Sanlam Ltd. to "zaA" from "zaAA-".
At the same time, S&P placed Hannover Reinsurance Africa Ltd.'s and Hannover Life Reassurance Africa Ltd.'s BBB+ long-term counterparty credit and financial strength ratings on CreditWatch with negative implications, and affirmed both entities' "zaAAA" long-term South Africa national scale ratings.
The agency also affirmed the zaAAA/zaA-1 long- and short-term South Africa national scale ratings of Liberty Group Ltd. and Old Mutual Life Assurance Co. (South Africa) Ltd.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.