S&P: Oman Insurance on positive watch

Standard & Poor's said it placed its BBB+ long-term counterparty credit and insurer financial strength ratings on Oman Insurance Co. (PSC) on CreditWatch with positive implications.

The CreditWatch placement follows the assigning of interactive ratings to Oman Insurance's parent, Mashreqbank (A/stable/A-1), on June 25, the agency said, noting that the CreditWatch status will remain in place while it assesses the strategic importance of Oman Insurance to Mashreq, following which the ratings on Oman Insurance may be raised or affirmed.

Resolution of the CreditWatch placement is expected within one month, the agency said.

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