Jamaica debt exchange affects Sagicor
KINGSTON, Jamaica - The fallout from Jamaica’s recently approved debt exchange arrangement has hit at least one of Barbados’ biggest financial institutions.
Sagicor Financial Corporation, which has hundreds of millions of dollars in investments in Jamaica, had some of its companies placed “under review with negative implications” for its financial strength rating by international insurance rating company A.M. Best Co.
In a statement from A.M. Best just days after Jamaica announced plans to cut interest payments on many of its debt instruments, the rating agency said it had “placed under review with negative implications the financial strength rating of A- (Excellent) and issuer credit ratings of ‘a-’ of Sagicor Life Inc., Sagicor Capital Life Insurance Company Limited (both domiciled in Barbados), Sagicor General Insurance Inc. [based in] Barbados) and Sagicor Life Insurance Company [based in Austin, Texas].”
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