On 8 October 2019, S&P Global Ratings (“S&PGR”) assigned Old Mutual a long-term South Africa National Scale issuer credit rating of ‘zaAA-‘ and a short-term South Africa National Scale issuer credit rating of ‘zaA-1+’. These are Old Mutual’s maiden ratings.
The ratings reflect the Old Mutual group’s overall creditworthiness and Old Mutual’s structural subordination as a non-operating holding company. Old Mutual Life Assurance Company (South Africa) Limited’s (“OMLACSA”) resilient balance sheet and the sound regulatory solvency ratios of both the Old Mutual group and OMLACSA are also reflected in the rating. As at the end of June 2019, OMLACSA reported a solvency ratio of 218% and the Old Mutual group reported a solvency ratio of 166%.
The full S&PGR credit rating report can be found at https://www.spglobal.com/ratings/en/.