S&P rates Sagicor notes B

Standard & Poor’s said it assigned a B rating to Sagicor Finance Ltd.’s proposed $320 million senior notes.

The agency also said it affirmed the BB- issuer credit and financial strength ratings on Sagicor Life Inc.

S&P also said it affirmed the B rating on Sagicor Finance’s existing $150 million 10-year senior unsecured notes.

The outlook remains negative.

The ratings reflect the company’s fair business risk profile and less than adequate financial risk profile, the agency said.

The ratings also consider the company’s strong presence in the Caribbean, well-known brand across that region, sound market position and an expectation that its operating performance will continue to improve gradually, S&P said.

The major weakness is Sagicor’s bulk of operations in countries considered to have high industry- and country-risks, the agency said.

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