Moody’s changes South African insurers to stable

Moody's Investors Service said it confirmed the insurance financial strength (IFS) and related debt ratings as well as the issuer ratings of the following South African insurance groups and changed the outlooks to stable from under review:

• Discovery Ltd.: Ba1 long-term issuer rating;

• Guardrisk Insurance Co. Ltd. (and related Guardrisk entities): Baa3 Insurance Financial Strength rating;

• MMI Group Ltd.: Baa2 insurance financial strength rating;

• Old Mutual Life Assurance Co. (South Africa) Ltd.: Baa2 insurance financial strength rating;

• Old Mutual plc: Ba1 long-term issuer rating; and

• Standard Insurance Ltd.: Baa3 insurance financial strength rating.

All the national scale ratings (NSR) that were placed on review for downgrade on Nov. 29 were also confirmed at their current levels, given the current mapping between the global scale ratings and Moody's national scale ratings.

The actions conclude the review for downgrade that began on Nov. 29.

“Today's rating action follows the confirmation of the Baa3 debt rating of the Government of South Africa, with stable outlook,” Moody’s said in a news release.

“The confirmation of South Africa's ratings reflects Moody's view that the previous weakening of South Africa's institutions will gradually reverse under a more transparent and predictable policy framework.”

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