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Credit Rating review by Standard & Poor's - SLI4
SANLAM LIFE INSURANCE LIMITED
(“Sanlam Life” or the “Issuer”)
Registration number 1998/021121/06
Bond Code: SLI4
ISIN No: ZAG000138629
CREDIT RATING ACTION BY STANDARD & POOR’S
On 22 November 2019 S&P Global Ratings (S&P) revised its outlook from stable to negative on the foreign
and local currency sovereign rating on South Africa. As a result, S&P has revised its outlook on various global
scale ratings and lowered various South Africa national scale ratings on non-operating holding companies
(NOHC) and two operating companies, as well as deferrable debt ratings on some domestic insurers.
Sanlam Life’s national scale rating has been affirmed at ’zaAAA’, in line with the national scale rating of the
sovereign. S&P believes that this reflects its belief that Sanlam Life’s liability profile is largely loss-absorbing,
which would allow it to withstand the stress associated with a foreign currency sovereign default.
The national scale rating on the subordinated deferrable debt issued by Sanlam Life was lowered to reflect the
increased coupon payment risk on the debt of the Issuer, applying a one-notch downward adjustment to the
global scale rating. Because of the increased payment risk, S&P selected the lower of the two national scale
rating options ('zaAA', instead of 'zaAA+', which the notes had been assigned previously). Another two notches
were deducted from the resulting national scale rating to reflect the subordination. As a result, Sanlam Life’s
note was rated four notches below the 'zaAAA' South Africa national scale rating, lowering the rating to ‘ZaA+’.
Further details regarding the rating action is available on S&P’s website (www.spglobal.com/ratingsdirect) or in
its press release titled “Various Negative Rating Actions Taken On South Africa-Based Insurers Following The
Negative Outlook On South Africa”.
Cape Town
28 November 2019
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 28-11-2019 11:00:00
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