Friday, June 14, 2013

Sagicor Investments receives credit rating boost from CariCRIS

Sagicor Investments Jamaica Limited has received an improved credit rating from Caribbean Information and Credit Rating Services Limited (CariCRIS).  The rating agency returned Sagicor Investments to a jmA+ (National Scale) and improved both its Foreign Currency and Local Currency ratings to CariBBB in May 2013.

Donovan H. Perkins, President & CEO of Sagicor Investments indicated that “Our CariCRIS ratings are an indication of our profitable operations, the diversity of our business model and reflects the strength of our capitalization level, despite the business operating in a fairly weak economy.” 

In a news release dated June 5, 2013 CariCRIS concurred that the ratings of Sagicor Investments continue to reflect the company’s strong financial performance and favourable position enjoyed in the main markets that it serves. The recent sign-off by the Jamaican government and International Monetary Fund of a financing agreement was also a positive influence. 

The improvement in ratings of SIJL was also strongly impacted by the company’s rebranding exercise in December 2012.  The re-branding saw Sagicor Investements Jamaica Limited and Sagicor Bank Jamaica Limited emerge as Pan Caribbean Financial Services and PanCaribbeanBank disappeared, reflecting Sagicor Life Jamaica’s 85% interest in the financial services company.

Sagicor Investments was awarded five Jamaica Stock Exchange Best Practice Awards at the most recent ceremony in December 2012 including three first-place trophies for its Annual Report, outstanding Investor Relations and its market-leading contribution to Revenue Generation at the Stock Exchange.  

Sagicor Investments is Jamaica’s largest unit trust manager through its Sagicor Sigma Unit Trust Fund with the largest selection of investment options that includes the best-performing unit trust funds for 2012. 

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