S&P: Emirates Insurance view negative

Standard & Poor's said it revised the outlook on Emirates Insurance Co. to negative from stable in response to the heavy decline in the company's capital adequacy at Dec. 31 and the heightened volatility in the value of its investment portfolio, which may have a further negative impact on its capital adequacy.

The BBB+ long-term counterparty credit rating was affirmed.

Ratings reflect strong technical earnings, the agency said.

"The outlook revision reflects our opinion that the ratings will be lowered if capital adequacy continues to decline materially in the currently volatile investment market," S&P analyst Kevin said in a statement.

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