RATING ACTION:
On June 18, 2026, CariCRIS reaffirmed the Bond Issue ratings assigned to the debt issue of up to US $76 million or J $ equivalent of Sagicor Financial Company Ltd. at CariAA+ (Foreign and Local Currency Ratings) on the regional scale and jmAAA (Foreign and Local Currency Ratings) on the Jamaica national scale. A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- Substantial improvement in the market position and financial performance and profitability of Sagicor Canada and Sagicor Jamaica.
- Successful acquisitions and/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any of its main segments’ market share and SFC’s overall financial performance.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A significant change in capitalization, especially on account of future acquisitions resulting in the Group LICAT falling to 100% or lower.
- Substantial deterioration in consolidated financial performance, with a greater than 25% fall in total income.
- Decrease in Interest Coverage to <1.5X
- A reduction in the creditworthiness of Jamaica where SFC derives more than 40% of its net insurance and investment result.
Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com
Kyla Balwant
Tel: 1-868-682-9919
E-mail: kbalwant@caricris.com
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.