Fitch upgrades Sagicor's investment rating

SAGICOR Financial Company Ltd announced that global credit rating agency Fitch Ratings (Fitch) upgraded Sagicor's long-term issuer default rating to BBB from BBB-.

Sagicor's senior unsecured debt was also upgraded to BBB- from BB+.

Fitch gave Sagicor a "stable" rating outlook.

In assigning these ratings, Fitch cited Sagicor's strengthened core profitability and two years of consolidated contributions from ivari – a Canadian life insurance company.

Fitch added that this was complemented by lower debt financing costs and a strong capitalisation profile.

It also affirmed the issuer's financial strength rating of ivari at A-, with a stable outlook.

Sagicor's president and CEO, Andre Mousseau, said, "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 capitalisation as we pursue stable and profitable growth.

"This upgrade will provide Sagicor with enhanced access to capital as well as execute our strategy."

Sagicor is a financial services provider with over 180 years of history in the Caribbean.

With its headquarters in Barbados and operations across the Caribbean, including Trinidad and Tobago, Sagicor offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities, investment management and real estate.