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Fitch gives Momentum Group notes AA-
Fitch Ratings said it assigned Momentum Group Ltd.'s proposed issue of unsecured subordinated callable notes an expected national-scale rating of AA-(zaf).
The agency said Momentum's ratings reflect its strong business position in South Africa, solid capital position, robust new business profit margins and very strong operating performance.
Partially offsetting these factors is the company's lack of diversification outside of South Africa and the challenge to defend its business position, amid a very competitive South African life insurance market, Fitch noted.
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