press releases

Toronto and Barbados (October 5, 2023) – Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) (TSX: SFC) announces that S&P Global Ratings ("S&P") recently upgraded its Issuer Credit Rating (ICR) on the Company to ‘BBB’ from ‘BB+’. S&P also raised the issue-level rating on Sagicor’s senior unsecured notes to ‘BBB’ from ‘BB+’. As well, the Group Credit Profile (GCP) was revised upward to ‘a-’ from ‘bbb’. The outlook is stable.

Sagicor also announces that Fitch Ratings (“Fitch”) recently upgraded the Issuer Default Rating (IDR) on the Company to ‘BBB-’ from ‘BB’. Fitch also upgraded the senior unsecured debt to ‘BB+’ from ‘BB-’. The rating outlook is stable. In addition, Fitch has affirmed ivari’s Insurer Financial Strength (IFS) rating at ‘A-’. The rating outlook is stable.

Andre Mousseau, President and Chief Executive Officer of Sagicor, said:

“Sagicor’s strong credit profile has been enhanced by the acquisition of Canadian life insurer ivari which led S&P and Fitch to upgrade our credit ratings. ivari immediately enhances our earnings generation and expands our asset base in a highly rated investment grade jurisdiction. The new investment grade ratings reflect Sagicor’s solid capitalization, resilience, and business and geographic diversification. ivari remains a highly rated company under Sagicor ownership with an Insurer Financial Strength rating of ‘A-’ as recently affirmed by Fitch.”

The full press releases from S&P and Fitch are available on the investor relations section of the Company's website at www.sagicor.com.