Ver Angola

Banking and Insurance

ENSA asks S&P to stop assigning ratings

The financial rating agency Standard & Poor's (S&P) announced this Tuesday that the Angolan state insurance company, ENSA, asked to stop having a rating assigned by S&P, which was CCC+ until this Tuesday.


"S&P Global Ratings announces today [Tuesday] that it has withdrawn the CCC+ rating on the long-term financial strength of the insurer ENSA, at the company's request", reads a note sent to Lusa.

"At the time of the withdrawal of the rating, the Outlook for Evolution was stable", it is also added in the short note that gives an account of the withdrawal of the rating to the Angolan state insurer.

ENSA's request comes about two weeks after the end of the privatization process of 51 percent of the company was known, which should now have this part of the capital dispersed on the stock market.

According to a press release from IGAPE, reported by Lusa on 23 June, the privatization procedure that contemplated the sale of 51 percent of the share capital of ENSA through a tender limited by prior qualification, aimed at national and foreign investors, opened on 10 June 2021, came to an end, without the insurer having received proposals that reflect its real value.

"The process attracted the interest of several leading investors, both Angolan and across borders, however, the economic and financial context disturbed by the impact of the covid-19 pandemic prevented the achievement of the intended objectives", said the Instituto de Gestão de Activos e Participações do Estado (IGAPE).

It was therefore decided to promote a new privatization process for the insurance company to "maximize its value and reinforce its growth strategy, as a reference company for the dynamism of the Angolan capital market".

The sale of a block of shares is envisaged, preferably through a procedure on the stock exchange, whose process allows for industry partners and small subscribers, namely employees.

"The changes in Angola's macroeconomic context for a new growth cycle encourage future prospects, associated with the opening of the stock market on the Bodiva [Angolan stock exchange]. maximization of the economic and financial results of privatization", underlines IGAPE in the same statement.

The privatization process, added IGAPE, allowed the carrying out of several tasks "which today demonstrate the unique opportunity to invest in a market leader company, in a sector of activity with clear prospects for development" and improve the performance of the insurer.

Lusa questioned ENSA about the reason for this request to withdraw the rating, but no response so far.


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