Old Mutual’s Credit Ratings Boosted by S&P: Upgraded Outlook

In a recent announcement, Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) revealed that S&P Global Ratings (S&P) has affirmed its global and national scale Issuer credit ratings. The company’s national scale rating on hybrid debt instruments has also been upgraded, reflecting its strong financial standing and commitment to meeting financial obligations.

S&P’s decision to affirm OMLACSA’s credit ratings underscores the company’s stability and resilience, even in the face of a challenging economic landscape. The removal of the “UCO” (under criteria observation) identifier resulted in an upgrade of the national scale rating for OMLACSA’s hybrid debt instruments from zaA+ to zaAA-. This enhancement acknowledges the company’s dedication to maintaining sound financial practices and demonstrates its ability to navigate market uncertainties successfully.

While the long-term global scale rating outlook remains stable, S&P has not assigned an outlook to the national scale issuer credit rating. The stable outlook for the global scale rating signifies S&P’s confidence in OMLACSA’s continued strong performance and ability to fulfill its financial obligations over the long term.

OMLACSA’s creditworthiness has been further reinforced by its adherence to stringent financial standards and prudent risk management. These factors have solidified the company’s position as a reliable and trustworthy insurer in the South African market.

For further information and detailed commentary on the credit rating affirmation, interested parties are encouraged to refer to the press release available on the Old Mutual Limited website (https://www.oldmutual.com/investor-relations/debt-investors) or visit the S&P website (www.spglobal.com/ratingsdirect).