Credit rating

Fitch Ratings, an international ratings agency, issues independent ratings of the following Sanlam Group entities and instruments: 
Most recent ratings issued during 2010
Sanlam Limited
National Long-term: AA- (zaf)
Sanlam Life Insurance Limited
National Insurer Financial Strength: AA+ (zaf)
National Long-term: AA (zaf)
National Short-term: F1+ (zaf)
Subordinated debt issued by Sanlam Life Insurance Limited
Subordinated debt: A+ (zaf)
Santam Limited
National Insurer Financial Strength: AA+ (zaf)
Subordinated debt issued by Santam Limited Subordinated debt: A+ (zaf)
The independent credit ratings provide assurance to the investors in securities issued by the Group as well as the Group's business partners and other stakeholders. It also enables the Group to issue debt and equity instruments at market-related rates. The above ratings were confirmed during 2010 and are unchanged from 2009.