Sagicor Life Jamaica achieves "highest creditworthiness" rating
PORT-OF-SPAIN, Trinidad, Thursday April 14, 2011 – A US$75 million debt issue by Sagicor Life Jamaica Ltd. (SLJ) has been soundly approved by the Caribbean Information and Credit Rating Services Limited (CariCRIS).
In a recent press release, CariCRIS reaffirmed the rating of jmAAA for the multi-million dollar debt issue, explained that this rating indicated that the level of creditworthiness of this obligation was the highest as adjudged against other similar debt issues in Jamaica.
CariCRIS stated in the release that: “The rating of SLJ continues to reflect the company’s dominant market position in Jamaica, healthy earnings position and good capitalization levels. The likelihood of support from the Sagicor group in a crisis situation also supports the rating. These rating strengths are tempered by the fact that SLJ operates primarily in an economy that is characterized by high indebtedness and limited financial flexibility.”
Sagicor Life Jamaica Limited, formerly Life of Jamaica Limited, is a majority owned subsidiary of Sagicor Financial Corporation. The company markets an extensive range of long-term and equity-linked life insurance products, group life and group health plans, as well as group pension plans.
Some of its other products and services include residential and commercial mortgages, annuities, real estate development and management services, investment management services and lease financing.
For the 9-month period to September 2010, SLJ had consolidated revenues of J $19.4 billion and profits attributable to shareholders of J $3.4 billion supported by adjusted assets of over J $133.6 billion.
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