The upgrade is the result of high capital strength over a longer period of time and a stable dividend policy, Sava Re said on Tuesday.

Sava Re's market position and profitability have improved, driven by both organic growth and acquisitions, as have operational and cost effectiveness.

The company believes that the improved rating will "facilitate the implementation of its strategy of selective or profitable growth in international reinsurance markets".

Sava Re has been in S&P's A- territory since July 2015; during the financial crisis it was first rated A- and later downgraded to BBB+.