Our Investor Community enables you to discuss, analyse, blog, live chat and engage with likeminded people on JSE and USA-listed companies and more. FREE to join!
LOMBARD INSURANCE COMPANY LIMITED - LIC - Notification of an Acceptance of a Credit Rating
LIC - Notification of an Acceptance of a Credit Rating Lombard Insurance Company Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001253/06) Company code: LIC ("Lombard" or "the Issuer") NOTIFICATION OF AN ACCEPTANCE OF A CREDIT RATING Bondholders are advised that the Issuer has formally accepted the credit rating assigned by GCR Ratings ("GCR") on 10 October 2019. GCR has assigned Lombard a national scale long term issuer rating of A(ZA); with a Stable outlook. The rationale for the rating is due to the Issuer's moderately strong financial profile supported by sound liquidity, well managed capitalisation and earnings, countered by moderate market positioning and premium diversification. The national scale long term issuer credit rating is one notch lower than the Issuer's financial strength rating, because GCR views policyholder obligations to be senior to that of senior unsecured creditors. The full rating report by GCR has been made available at https://gcrratings.com/announcements/gcr- affirms-lombards-financial-strength-rating-at-aza-affirms-assigns-issue-ratings-at-bbbza-issuer- rating-at-aza/ 11 October 2019 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 11/10/2019 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.