TORONTO and BARBADOS, Oct. 5, 2023
/CNW/ - Sagicor Financial Company Ltd. ("Sagicor" or the "Company")
(TSX: SFC) announces that S&P Global Ratings ("S&P")
recently upgraded its Issuer Credit Rating (ICR) on the Company to
'BBB' from 'BB+'. S&P also raised the issue-level rating on
Sagicor's senior unsecured notes to 'BBB' from 'BB+'. As well, the
Group Credit Profile (GCP) was revised upward to 'a-' from 'bbb'.
The outlook is stable.
Sagicor also announces that Fitch Ratings ("Fitch") recently
upgraded the Issuer Default Rating (IDR) on the Company to 'BBB-'
from 'BB'. Fitch also upgraded the senior unsecured debt to 'BB+'
from 'BB-'. The rating outlook is stable. In addition, Fitch has
affirmed ivari's Insurer Financial Strength (IFS) rating at 'A-'.
The rating outlook is stable.
Andre
Mousseau, President and Chief Executive Officer of Sagicor,
said:
"Sagicor's strong credit profile has been enhanced by the
acquisition of Canadian life insurer ivari which led S&P and
Fitch to upgrade our credit ratings. ivari immediately enhances our
earnings generation and expands our asset base in a highly rated
investment grade jurisdiction. The new investment grade ratings
reflect Sagicor's solid capitalization, resilience, and business
and geographic diversification. ivari remains a highly rated
company under Sagicor ownership with an Insurer Financial Strength
rating of 'A-' as recently affirmed by Fitch."
The full press releases from S&P and Fitch are available on
the investor relations section of the Company's website at
www.sagicor.com.
About Sagicor Financial Company Ltd.
Sagicor
Financial Company Ltd. (TSX: SFC) is a leading financial services
provider with over 180 years of history in the Caribbean, over 90 years of history in
Canada, and a growing presence in
the United States. Sagicor offers
a wide range of products and services, including life, health, and
general insurance, banking, pensions, annuities, and real estate.
Sagicor's registered office is located at Clarendon House, 2 Church
Street, Hamilton, HM 11,
Bermuda, with its principal office
located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional
information about Sagicor can be obtained by visiting
www.sagicor.com.
Cautionary Statements
Certain information
contained in this news release may be forward-looking statements
within the meaning of Canadian securities laws. Forward-looking
statements are often, but not always identified by the use of words
such as "expect", "anticipate", "target", "believe", "foresee",
"could", "estimate", "goal", "intend", "plan", "seek", "will",
"may", "would" and "should" and similar expressions or words
suggesting future outcomes. This news release includes
forward-looking information and statements pertaining to Sagicor's
acquisition of ivari, including forward-looking information and
statements pertaining to the achievement of the anticipated
benefits of the transaction and the impact of the acquisition of
ivari on Sagicor's business. These forward-looking statements
reflect material factors and expectations and assumptions of
Sagicor. Sagicor's estimates, beliefs, assumptions and expectations
contained herein are inherently subject to uncertainties and
contingencies regarding future events and as such, are subject to
change. Sagicor's credit ratings constitute the rating agencies'
assessment of Sagicor's ability to meet its payment obligations as
they become due. Therefore changes to Sagicor's credit ratings
could affect the market value of its common shares. The credit
ratings, which may be revised or withdrawn at any time, do not
represent a recommendation to buy, sell or hold Sagicor's common
shares. Risks and uncertainties not presently known to Sagicor or
that it presently believes are not material could cause actual
results or events to differ materially from those expressed in its
forward-looking statements. Additional information on these and
other factors that could affect events and results are included in
other documents and reports that will be filed by Sagicor with
applicable securities regulatory authorities and may be accessed
through the SEDAR+ website (www.sedarplus.ca). Readers are
cautioned not to place undue reliance on these forward-looking
statements contained herein, which reflect Sagicor's estimates,
beliefs, assumptions and expectations only as of the date of this
press release. Sagicor disclaims any obligation to update or revise
any forward-looking statements contained herein, whether as a
result of new information, new assumptions, future events or
otherwise, except as expressly required by law.
S&P's issuer credit ratings range from 'AAA' to 'D' and
GCP ratings range from 'aaa' to 'd'. Issuer credit ratings from
'AA' to 'CCC' and all GCP ratings may be modified by the addition
of a plus (+) or minus (-) sign to show relative standing within
the major ratings categories.
Fitch's credit rating scale for issuers and issues is
expressed using the categories 'AAA' to 'D' with an additional +/-
for AA through CCC levels indicating relative differences of
probability of default or recovery for issues.
SOURCE Sagicor Financial Company Ltd.