A.M. Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" of the following subsidiaries of Sagicor Financial Corporation Limited (SFC) (Bermuda): Sagicor Life Inc. (St. Michael, Barbados) and Sagicor Life Insurance Company (Austin, TX). Concurrently, A.M. Best has affirmed the Long-Term ICR of "bbb-" of SFC and the Long-Term Issue Credit Rating of "bbb" on the USD 320 million, 8.875% senior unsecured bonds 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 of these Credit Ratings (ratings) is stable.
In addition, A.M. Best has removed from under review with positive implications and upgraded the Long-Term ICR to "bbb+" from "bbb" and affirmed the FSR of B++ (Good) of Sagicor Life Jamaica Ltd. (Kingston, Jamaica). The outlook assigned to these ratings is stable.
The ratings of Sagicor Life Jamaica Limited reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). Sagicor Life Jamaica Limited has a consistent history of high earnings and revenue, in addition to growth, and a very strong position in the Jamaica market. A.M. Best's country risk assessment has improved to Country Risk Tier 4 from a Country Risk Tier 5, which impacts the assessment of country risks in Jamaica.
Source: A.M. Best Ratings Services, Inc. Used under license.