S&P ups South African insurers hybrids

S&P said it raised its national scale ratings of the hybrid debt issued by Old Mutual Life Assurance Co. (South Africa), Liberty Group Ltd., Sanlam Life Insurance Ltd., and Santam Ltd. to zaAA- from zaA+. The agency also removed the ratings from under criteria observation.

The upgrades follow the agency concluding its review and publishing revised criteria for national scale ratings, S&P said.

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