Moody’s reviews South African insurers

Moody's Investors Service said it placed the insurance financial strength and related debt and issuer ratings of the following South African insurance groups and related entities on review for downgrade: Discovery Ltd.’s Ba1 long-term issuer rating; Guardrisk Insurance Co. Ltd.’s Baa3 insurance financial strength rating; MMI Group Ltd.’s Baa2 insurance financial strength rating; Old Mutual Life Assurance Co. (South Africa) Ltd.’s Baa2 insurance financial strength rating; Old Mutual plc’s Ba1 long-term issuer rating; and Standard Insurance Ltd.’s Baa3 insurance financial strength rating.

National scale ratings were placed on review for downgrade only in those cases where they could be impacted by a subsequent downgrade of their global scale ratings.

Moody’s said the action follows the review for downgrade of the Baa3 debt rating of the Government of South Africa, which was prompted by a series of recent developments that suggest that South Africa's economic and fiscal challenges are more pronounced than the agency previously assumed.

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