In September 2009, Fitch Ratings affirmed the ratings given below and commented: Fitch Ratings has downgraded South Africa-based Liberty Group Limited's. The downgrades reflect Liberty's earnings volatility in H109, stemming from the group's weak product persistency and exposure to the turbulent investment market conditions. The Negative Outlook reflects Fitch's concern over persistency experience turning out to be worse than the company's current expectations for the next 12 to 24 months and potential continuation of weak earnings, due to difficult consumer conditions and volatile financial markets.
| National Insurer Financial Strength rating |
AA(zaf) |
| National Long-term rating |
AA-(zaf) |
| Rating outlook |
Negative |
| Foreign Currency |
BBB+ |
| Local Currency |
A |