S&P assigns Dubai Islamic Insurance BBB

Standard & Poor's said it assigned its BBB long-term counterparty credit and insurer financial strength ratings to Dubai Islamic Insurance & Reinsurance Co. (Aman).

The outlook is stable.

The agency said that the ratings reflect Aman's good capitalization, good financial flexibility, and good competitive position while offsetting these credit strengths is an aggressive investment strategy and a heavy reliance on reinsurance capacities.

The agency noted that major rating factors include good capitalization as Aman's capitalization is good relative to its activities' capital requirements, thanks to a successful capital increase in 2006.

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