Sagicor releases investment grade ratings by Fitch

Executive Summary

• Fitch Ratings upgraded Sagicor Financial Company Ltd.'s long-term issuer default rating (IDR) to BBB from BBB- and its senior unsecured debt to BBB- from BB+.
• The rating outlook is stable for both the issuer and the debt.
• The upgrade reflects strengthened core profitability, two years of consolidated contributions from ivari, lower debt financing costs, and a strong capitalization profile.

Key Details

• Issuer Default Rating (IDR): Upgraded to BBB from BBB- (Stable Outlook).
• Senior Unsecured Debt: Upgraded to BBB- from BB+ (Stable Outlook).
• ivari Financial Strength Rating: Affirmed at A- (Stable Outlook).
• Rationale for Upgrade:
  • Strengthened core profitability.
  • Two years of consolidated contributions from ivari.
  • Lower debt financing costs.
  • Strong capitalization profile.
• Strategic Impact: CEO Andre Mousseau stated the upgrade provides enhanced access to capital and validates the company's strong capitalization as it pursues stable and profitable growth.

Notable Quotes

• "We are pleased with this upgrade, which provides a unanimous view from our credit rating agencies that Sagicor's senior unsecured debt is investment grade. This is further validation of Sagicor's strong capitalization as we pursue stable and profitable growth. This upgrade will provide Sagicor with enhanced access to capital as we execute our strategy." — Andre Mousseau, President and CEO