Sagicor Life downgraded by S&P

Sagicor Life has again been downgraded by Standard and Poor’s (S&P) just weeks after the international rating agency took similar action against Barbados.

The agency said it decided to lower the Barbados-based company’s rating from ‘BB+’ to ‘BB-’.

It said the rating on Sagicor Finance Ltd’s US$150 million, 10-year senior unsecured notes was also being lowered to ‘B’ from ‘BB-’.

“Although Sagicor passes our default stress scenario for Barbados, we cap the ratings at two notches above the country of domicile due to our view that Sagicor has high country risk sensitivity,” S&P said, though it noted that the company had ‘moderately strong’ capitalization, improving operating performance, and an ‘adequate’ competitive position”.

“The negative outlook reflects that of Barbados, because, in our view, ratings on life insurers are capped at two notches above the sovereign rating of the country of domicile considering our view of the critical role of regulations and funding for the insurer and provided that it passes our sovereign default stress test,” it added.

On December 19, 2014, the United States agency lowered Barbados’ sovereign rating to ‘B’ from ‘BB-.’

 

 

22 Responses to Sagicor Life downgraded by S&P

  1. Joel C. Payne
    Joel C. Payne January 3, 2015 at 1:45 pm

    When DEMS done there wont be any Barbados anymore. Too badd for them because a bankrupt country can’t pay them no pension either.

    Reply
  2. Veronica Straker
    Veronica Straker January 3, 2015 at 1:58 pm

    We don’t need another Clico fiasco.

    Reply
  3. Brenda Bryce-Husbands
    Brenda Bryce-Husbands January 3, 2015 at 2:04 pm

    They better don’t mess with my money!!

    Reply
  4. Tiffany Jones
    Tiffany Jones January 3, 2015 at 2:21 pm

    Christon Smith …

    Reply
  5. Sheldine Dyall
    Sheldine Dyall January 3, 2015 at 2:24 pm

    I hope this is not another Clico

    Reply
  6. Glenn Carlo Theopholus Watson
    Glenn Carlo Theopholus Watson January 3, 2015 at 2:52 pm

    I see the Economic Assassins are changing their tactics now. Instead of pressuring developing countries to accept loans and changing the payback terms etc; they are now creating fear by attacking the integrity of “established” financial institutions. Wow! Zeitgeist in action!

    Reply
  7. Glenn Carlo Theopholus Watson
    Glenn Carlo Theopholus Watson January 3, 2015 at 2:52 pm

    I see the Economic Assassins are changing their tactics now. Instead of pressuring developing countries to accept loans and changing the payback terms etc; they are now creating fear by attacking the integrity of “established” financial institutions. Wow! Zeitgeist in action!

    Reply
  8. Nita Holligan
    Nita Holligan January 3, 2015 at 3:31 pm

    Next down grade barbados will be only know as pelican island. These people are loan sharks, how is it that they can give these reports of other places and yet in the USA there are places poorer than any place in the Caribbean. That’s how people shine by putting you in the dark.

    Reply
  9. Duane Burke
    Duane Burke January 3, 2015 at 4:08 pm

    Read carefully folks. They basically say that a Company cannot be higher than 2 notches above the Sovereign debt. It happened with companies in Spain so we are not special. You can swallow the unfounded comments on our sovereign debt from St. Lucy to St. Philip. However this viewpoint only matter within those Geographic points. For the Foreign Investment community the S&P viewpoint carries more substance.

    Reply
  10. Rosemary Parkinson
    Rosemary Parkinson January 3, 2015 at 4:25 pm

    This is why I stay clear from insurance companies….there is no assurance evah….and if I did not have to insure a car, I would stay away from car insurance too cause they also give little assurance…bad deals all around.

    Reply
  11. Rosemary Parkinson
    Rosemary Parkinson January 3, 2015 at 4:25 pm

    This is why I stay clear from insurance companies….there is no assurance evah….and if I did not have to insure a car, I would stay away from car insurance too cause they also give little assurance…bad deals all around.

    Reply
  12. Suzette Edghill
    Suzette Edghill January 3, 2015 at 6:04 pm

    Have heard murmurings for quite some time.

    Reply
  13. Matthew Greaves
    Matthew Greaves January 3, 2015 at 6:06 pm

    Wait i didn’t know an insurance company can get downgrade too I taught only an economy.well well well.

    Reply
  14. Monica Walton
    Monica Walton January 3, 2015 at 6:31 pm

    For everyone’s sake they better get it right between solid waste, consolidated and income tax issues, the financial picture is already bleak. Do not go there keep it together

    Reply
  15. Ouida Burnham
    Ouida Burnham January 3, 2015 at 7:59 pm

    When are the D grades going to stop ???????????is there no light at the end of the tunnel ????????????????oh dear Lord help help help this D Grade is like a record that stick Lord have mercy

    Reply
  16. Alex Alleyne January 4, 2015 at 3:53 am

    S&P and company just want to “done” Barbados . We have been on top for too long .

    Reply
  17. Steve Jemmott
    Steve Jemmott January 4, 2015 at 6:18 am

    I would like all my money now!

    Reply

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