Fitch takes actions on South African insurers

Fitch Ratings said it took rating actions on South African (and related) insurance ratings following its recent downgrade of the sovereign ratings.

The agency said it affirmed all national scale ratings relating to the following entities and subsidiaries: Sanlam Ltd., MMI Ltd., Liberty Group Ltd., AIG South Africa Ltd. and AIG Life South Africa Ltd.

The affirmations reflect Fitch's belief that the relative creditworthiness of these entities in the South African market is unchanged.

Fitch has also affirmed the national and international ratings of RMB Structured Insurance Ltd. and RMB Financial Services Ltd. (Ireland) as both the relative and absolute credit risk of these entities, in Fitch's view, continues to support their ratings.

Fitch downgraded the insurer financial strength ratings of Home Finance Guarantors (Insurance) Ltd. to BBB from BBB+ and affirmed Home Loan Guarantee Co.'s national insurer financial strength rating at AA+(zaf).

The outlooks are stable.

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