Various rating actions taken on South Africa - based insurers and reinsurers following sovereign downgrade

04 December 2017 S&P Global

•On Nov. 24, 2017, we lowered our foreign currency sovereign ratings on the Republic of South Africa to 'BB' from 'BB+' and our local currency sovereign ratings to 'BB+' from 'BBB-'. • We think that economic conditions in South Africa have led to increased asset risks in domestic insurers' balance sheets. • We are therefore lowering our ratings on various South Africa-based insurers and reinsurers. We are affirming our ratings on one entity. • The stable outlook on our global scale ratings on the South Africa-based insurers and reinsurers largely reflects that on the sovereign.

S&P Global Ratings today took various rating actions on the insurers and reinsurers exposed to the South African market, as listed in table 1.

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