CREDIT rating agency Fitch IBCA on Monday affirmed the national claims paying ability of South African insurer Santam Ltd at AA+ and its international claims paying ability at BBB. The decision followed Santam’s R1,58-billion offer for rival Guardian National. Santam will finance part of the purchase through a R1-billion ights issue and has said the buy will marginally enhance earnings per share, but will dilute net asset value because of a write-down in goodwill.