Fitch ups Liberty Group debt to AA-(zaf)

Fitch Ratings said it upgraded Liberty Group Ltd.'s national insurer financial strength rating to AA+(zaf) from AA(zaf), national long-term rating to AA(zaf) from AA-(zaf), and the rating on its ZAR2 billion subordinated debt issue to AA-(zaf) from A+(zaf).

The outlook was changed to stable from positive.

The upgrades reflect Liberty's demonstrated ability to maintain its well-established and growing business position in South Africa, strong and diversified distribution network, strong new business margins and strong operating performance, Fitch said.

The agency noted, however, that a challenging operating environment is ahead.

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