S&P ups Sagicor

S&P said it raised its issuer credit ratings on Sagicor Financial Co. Ltd. and its ratings for Sagicor Finance (2015) Ltd and its senior unsecured notes to BB+ from BB.

The upgrade follows the completion of the business combination transaction agreement with Alignvest Acquisition II Corp., which injected capital into the company, S&P said.

“Sagicor’s total adjusted capital has improved, and we expect it to remain above our A benchmark in 2020-2022 despite the hit to earnings this year and the planned acquisition of the Clico and BAT portfolios. As a result, we’re revising the group credit profile (GCP) upward to bbb from bbb-,” the agency said in a press release.

The issuer credit ratings have a stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.