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\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" March 30 – Overview — On March 28, 2012, we revised the outlook on South Africa to negative from stable and affirmed the local, foreign and national scale ratings at ‘A\/A-1’, ‘BBB+\/A-2’, and ‘zaAAA\/zaA-1’, respectively. — Under our criteria, insurers with a material direct exposure to a sovereign are rated no higher than the local […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9497"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9497\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}March 30 - Overview\t\n -- On March 28, 2012, we revised the outlook on South Africa to negative \t\nfrom stable and affirmed the local, foreign and national scale ratings at \t\n'A\/A-1', 'BBB+\/A-2', and 'zaAAA\/zaA-1', respectively.\t\n -- Under our criteria, insurers with a material direct exposure to a \t\nsovereign are rated no higher than the local currency rating on that sovereign.\t\n -- Therefore, we are revising the outlooks on Munich Reinsurance Co. of \t\nAfrica Ltd. and Munich Mauritius Reinsurance Co. Ltd. to negative from stable \t\nand affirming the 'A' long-term ratings on these companies.\t\n\t\nRating Action\t\nOn March 30, 2012, Standard Poor's Ratings Services revised to negative from \t\nstable the outlooks on South Africa-based Munich Reinsurance Co. of Africa \t\nLtd. (Munich Africa) and Mauritius-based Munich Mauritius Reinsurance Co. Ltd. \t\n(Munich Mauritius). At the same time, we affirmed the 'A' long-term \t\ncounterparty credit and insurer financial strength ratings on these companies.\t\n\t\nRationale\t\nOn March 28, 2012, we revised to negative from stable the outlook on the \t\nRepublic of South Africa and affirmed the ratings on the sovereign. Under our \t\nratings criteria, sovereign risk is a key factor influencing the financial \t\nstrength of insurers. As a result, insurers with a material direct exposure to \t\na sovereign are rated no higher than the local currency rating on that \t\nsovereign.\t\n\t\nOur approach reflects the exposure of Munich Africa's business and investment \t\nportfolios and deposits to South Africa and the influence of general country \t\nrisk factors on the company's business franchise and financial profile.\t\n\t\nThe ratings on composite reinsurer Munich Mauritius reflect its group status \t\nas \"core\" to Munich Africa. It receives extensive reinsurance support from \t\nboth the ultimate parent Munich Reinsurance Co. (AA-\/Stable\/--) and\nMunich \t\nAfrica.\t\n\t\nOutlook\t\nThe negative outlook on Munich Africa and Munich Mauritius reflects that on \t\nSouth Africa. If we were to lower the sovereign credit rating on South Africa, \t\nwe would also lower the ratings on Munich Africa and Munich Mauritius so that \t\nthey remain aligned with those on the sovereign.\t\n\t\nPositive rating action is remote without an improvement in the sovereign \t\nrating.\t\nRelated Criteria And Research\t\nAll articles listed below are available on RatingsDirect on the Global Credit \t\nPortal, unless otherwise stated.\t\n -- Principles Of Credit Ratings, Feb. 16, 2011\t\n -- Use Of CreditWatch And Outlooks, Sept. 14, 2009\t\n -- Group Methodology, April 22, 2009\t\n -- Interactive Ratings Methodology, April 22, 2009\t\n -- Counterparty Credit Ratings And The Credit Framework, April 14, 2004\t\n -- Criteria Update: Factoring Country Risk Into Insurer Financial \t\nStrength Ratings, Feb. 11, 2003\t\n -- Sovereign Government Rating Methodology And Assumptions, June 30, 2011\t\n\t\nRatings List\t\nRatings Affirmed; CreditWatch\/Outlook Action\t\n To From\t\nMunich Reinsurance Co. of Africa Ltd.\t\nMunich Mauritius Reinsurance Co. Ltd.\t\n Counterparty Credit Rating A\/Negative\/-- A\/Stable\/--\t\n Financial Strength Rating A\/Negative\/-- A\/Stable\/--\t\n\t\n\t\nComplete ratings information is available to subscribers of RatingsDirect on \t\nthe Global Credit Portal at www.globalcreditportal.com. All ratings affected \t\nby this rating action can be found on Standard Poor's public Web site at \t\nwww.standardandpoors.com. Use the Ratings search box located in the left \t\ncolumn.<\/pre>\n