Sagicor downgrade

KINGSTON, Jamaica – Sagicor Life Jamaica Limited (SLJ) has been lumped with its Barbadian parent in a downgrade of the group that rating agency A.M. Best suggests is too exposed to the vicissitudes of the Jamaican economy.Sagicor responded by reiterating faith in the Jamaican economy to heal, and doubling down on its participation in a debt-exchange programme as the right thing to have done.“This assessment does not seem to reflect the recent improvements in the economy following the debt-exchange programme,” said Richard Byles, president and CEO of SLJ.Sagicor Jamaica has gone from excellent to good, with a commensurate move in grades from A to B++ for its financial strength, and from ‘a’ to ‘bbb’ on its issuer credit rating.“The ratings reflect SFC’s continued significant revenue, asset and earnings exposure to the Jamaican economy, which continues to pose ongoing uncertainty for SFC and its lead operating life insurance subsidiaries,” said A.M. Best.Said Dodridge Miller, chief executive officer of SFC, in a company issued statement: “There is no doubt that Jamaica faces challenges.” (Observer)