S&P revises Sagicor watch to developing

S&P said it revised the CreditWatch implications to developing from negative on its BB- issuer credit ratings on Sagicor Financial Corp. Ltd. and Sagicor Finance (2015) Ltd., and on the BB- issue-level rating on the $320 million seven-year senior unsecured notes due 2022.

“The CreditWatch developing listing on SFCL, SF15, and on SF15's issue-level rating reflects the need for additional information on the transactions in progress and on Barbados' sovereign foreign currency default resolution, so that we can incorporate it into Sagicor's credit fundamentals,” the agency said in a news release.

“We expect to resolve our CreditWatch on the group's ratings over the next months once we gather the required information to assess its implications on the group's creditworthiness.”

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