Rating agency AM Best has removed from under review and affirmed the financial strength ratings of several subsidiaries of Sagicor Financial Corporation including its Jamaican arm. AM Best affirmed the financial strength rating of B plus and issuer credit rating of triple B minus for Sagicor Life Jamaica. The outlook assigned is stable.
The ratings were placed under review following the announced debt exchange programme by the Jamaican Government, which AM Best noted was the second in three years.
Although Sagicor Financial continues to have significant business and financial exposure to the Jamaican economy through its controlling interest in Sagicor Life Jamaica, AM Best said this is mitigated by the favourable performance of its local operations and stabilised financial condition in Jamaica.
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