Sagen MI Canada Inc. Receives New Credit Rating Upgrade, S&P Global Ratings Raised The Company's Rating To 'A-' from 'BBB+' On Low Structural Subordination

Executive Summary

• S&P Global Ratings upgraded Sagen MI Canada Inc.’s issuer credit rating to A‑ from BBB+, citing low potential regulatory restrictions on payment distributions.
• The upgrade applies to the Company’s senior debt, junior subordinated debt, and preference shares, with a stable outlook maintained.
• DBRS retained its A (high) rating for the Company.

Key Details

• New S&P Ratings:
• Senior Debentures – A‑, Stable (previously BBB+, Stable)
• Hybrid Notes Series 6 – A‑, Stable (previously BBB+, Stable)
• Preferred Shares – A‑, Stable (previously BBB+, Stable)
• Series 4 – BBB, Stable (previously BBB-, Stable)

• Series 5 & Series 7 – P‑2, Stable (unchanged)

• Rationale: S&P highlighted the low likelihood of regulatory restrictions on payments from operating insurance entities to the non‑operating holding company, supporting a stronger credit profile.

• Outlook: Stable outlook retained by S&P; expectation that the Company will maintain its strong competitive position and solid capitalization supported by operating earnings.

• DBRS Rating: Remains A (high) – unchanged.

• Company Context (as of Dec 31 2025): $6.9 billion total assets, $2.8 billion shareholders’ equity; largest private‑sector residential mortgage insurer in Canada.

Notable Quotes

(No direct quotes were provided in the release.)