Fitch rates Santam notes AA-(zaf)

Fitch Ratings said it assigned Santam Ltd.'s ZAR400 million issue of unsecured subordinated notes an expected national rating of AA-(zaf).

The expected rating is based on Fitch's standard notching methodology from Santam's national insurer financial strength rating of AA+(zaf). The notes are assigned 50% equity credit, in line with Fitch's treatment of hybrid debt instruments. The final rating is contingent on the receipt of final documents.

Santam is the largest general insurer in South Africa, in terms of gross written premiums. Its insurer financial strength rating reflects the agency's view that Santam occupies a core position within the Sanlam group, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.