S&P might downgrade Sagicor

Standard & Poor's said it placed its ratings on Sagicor Life Inc. on CreditWatch with negative implications, including its BBB financial strength and counterparty credit ratings and the BBB- rating on the Sagicor Finance Ltd.'s $150 million 10-year senior unsecured obligations.

The agency said the CreditWatch placement reflects its ongoing assessment of Sagicor's capitalization following the Aug. 5 lowering of the long-term foreign- and local-currency sovereign credit ratings of Jamaica to CCC+ from B-. Sagicor has a significant concentration of investments -18% of its assets - in securities issued by the Jamaican government, S&P noted.

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