Burkina Faso insurer suffers downgrade

A Burkina Faso-based financial services company’s national scale financial strength has been downgraded to A(BF) from A+(BF), with a stable outlook by a rating agency.

Société Nationale d’Assurances et de Réassurances (SONAR IARD) has been downgraded on financial profile pressures exerted by group activities on the insurer’s credit profile.

The stable outlook reflects expectation that developing earnings and business profile strengths could continue to compensate for limitations on liquidity and risk adjusted capitalisation over the rating outlook.

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