S&P cuts South African insurers

S&P said it downgraded South African insurers following its downgrade of South Africa’s foreign-currency sovereign rating to BB- from BB and the local-currency rating to BB from BB+.

“The deteriorating economic conditions in South Africa are likely to weigh on the domestic insurance sector's growth and earnings prospects and on asset quality,” S&P said in a press release.

The companies downgraded include Old Mutual Life Assurance Co. (South Africa) Ltd. and Santam Ltd. to BB from BB+.

The outlook is stable.

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