S&P affirms Sagicor

Standard & Poor's said it affirmed the BBB+ long-term counterparty credit rating on Sagicor Life Inc. and the BBB long-term senior unsecured debt rating on the $150 million senior unsecured obligations with up to 10 year maturity issued by Sagicor Finance Ltd., a subsidiary of Sagicor Financial Corp.

The outlook is stable.

Ratings reflect Sagicor's strong operating performance, conservative underwriting discipline, good profitability and strong capitalization levels, the agency said.

Ratings also reflect Sagicor's dominant market position and increasing geographic diversification, S&P noted. These positive factors are partially offset by a relatively high concentration of investments in Jamaica (B/stable/B).

The rating on the senior unsecured obligations reflects the subordination of the notes to obligations owed to policyholders and creditors of Sagicor's subsidiaries.

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