Fitch: Sanlam Life debt A+(zaf)

Fitch Ratings said it assigned Sanlam Life Insurance Ltd.'s proposed issue of subordinated debt securities of up to ZAR 1.16 billion an A+(zaf)(EXP) rating, in line with Fitch's standard notching practices.

Sanlam expects to use the proceeds in the framework of its active capital management. The redemption of Sanlam's outstanding ZAR 1.16 billion subordinated bond at 9.54% coupon, callable 15 August 2013 with a maturity date of Aug. 15, 2018 and the issuance of the new bond are expected to happen simultaneously, keeping financial leverage unchanged (8% at year-end 2012).

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