RATING ACTION:
On June 13, 2025, CariCRIS reaffirmed the assigned issue ratings at CariAA+ (Foreign and Local Currency Ratings) on the regional rating scale and jmAAA (Foreign and Local Currency Ratings) on the Jamaica national scale to the debt issue of up to US $76 million of Sagicor Financial Company Limited (SFC or the Company). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the Ratings and/ or Outlook include:
Substantial improvement in the market position and financial performance and profitability of Sagicor Canada and Sagicor Jamaica
Successful acquisitions and/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any of its main segments’ market share and SFC’s overall financial performance
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
A significant change in capitalization, especially on account of future acquisitions resulting in the MCCSR falling to 175% or lower
Substantial deterioration in consolidated financial performance, with a greater than 25% fall in total income
Decrease in Interest Coverage to <1.5X
A reduction in the creditworthiness of Jamaica where SFC derives more than 32% of its net insurance and investment result
Analysts’ Contact Info:
Anelia Oudit
Mobile: 1-868-487-8364
[email protected]
Gemma Baliram
[email protected]
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