Oct 2023 Financial News

Sagicor Financial Co. Ltd. Upgraded by S&P Global

Oct 09, 2023

Overview

• Sagicor Financial Co. Ltd. (SFC) announced it has received all regulatory approvals required under its previouslyannounced definitive agreement with Wilton Re Ltd. to complete the acquisition of ivari.
• We project that with the incorporation of ivari, the group's total adjusted capital (TAC) will be above our 'AAA'benchmark in 2023-2024, and we believe the acquisition will widen the geographic and business diversification thatwill support the group's revenue stability.
• As a result, we're revising the group credit profile (GCP) upward to 'a-' from 'bbb'.
• Consequently, we raised the ratings by two notches to 'BBB' from 'BB+' on Bermuda-based non-operating holdingcompany SFC.
• The stable outlook reflects our expectation that SFC will maintain its TAC above our 'AAA' category benchmark in2023-2024, as well as stable debt. We also expect SFC to continue benefiting from dividends from multiplesubsidiaries, based in different regulatory jurisdictions, in order to meet its financial needs.

Rating Action
On Oct. 4, 2023, S&P Global Ratings raised its issuer credit rating on SFC to 'BBB' from 'BB+'. We also raised our issue-level rating on SFC's $550 million senior unsecured notes due 2028 to 'BBB' from 'BB+'. The outlook is stable.

Source:
S&P Global Intelligence
Monday 9th October, 2023