S&P Global Ratings published revised credit ratings for Sava Re d.d. and Zavarovalnica Sava d.d., raising their long-term issuer credit and financial strength ratings to “A+” with a stable outlook. In addition, S&P raised its ratings for two of Sava Re’s junior subordinated bonds from “BBB+” to “A-”, Sava Re said in its press release.

According to the rating agency, this upgrade follows Slovenia’s upgrade from “AA-” to “AA” (with a stable outlook), which was announced on Friday, 6 June 2025. In its rationale, S&P cited Slovenia’s strong and resilient economy, which positively influenced Sava Re’s financial strength and credit ratings, given that the Republic of Slovenia is a significant shareholder.

In raising its ratings, the rating agency also considered the favourable operating performance of the Sava Insurance Group in 2024 and the first quarter of 2025, its strong balance sheet and capital levels, and its potential for profitable growth due to positive dynamics in Slovenia and international markets between 2025 and 2027.

It is noted that the stable outlook reflects the Agency’s expectation that the Group will maintain comparably strong operating results and continue to expand profitably both domestically and internationally, while also sustaining robust capitalisation over the next two years.