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Prospect News home > News index > List of issuers S > Headlines for Sagicor Finance (2015) Ltd. > News item |
Fitch rates Sagicor notes B
Fitch Ratings said it assigned an initial B long-term issuer default rating to Sagicor Financial Corp.
The agency also said it assigned an expected rating of B with recovery rating of RR5 to the planned issue of senior unsecured notes issued by Sagicor Finance (2015) Ltd., and guaranteed by Sagicor Financial and Sagicor Life Inc.
The outlook is positive.
Fitch said it expects the company to issue $200 million to $320 million of senior unsecured notes.
The proceeds will be used to refinance the company’s existing debt due in 2016, the agency said.
The ratings reflect the challenging operating and economic environments of the main insurance subsidiaries domiciled in Barbados and Jamaica, Fitch said, and very high exposure to below investment-grade sovereign debt.
These negative rating factors are partially offset by the company’s strong operating capitalization and reasonable, yet volatile, profitability, the agency said.
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