S&P Global Ratings (S&P) said yesterday that it has raised its national scale ratings on the hybrid debt instruments of Sanlam Life, which it had placed under criteria observation (UCO).
In a statement, S&P said on June 8, 2023, S&P published revised criteria for determining national and regional scale mapping specifications and assigned credit ratings mapped from the global scale to the national scale.
“As a result of the review, S&P has raised the national scale ratings on the Sanlam Life debt instruments to ‘zaAA-’ from ‘zaA+’ and removed the UCO identifier on these ratings.
“S&P also affirmed the global and national scale issuer ratings on the Issuers and maintained a stable outlook on the long-term global scale ratings,” it said.
BUSINESS REPORT