S&P lifts Oman Insurance

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Oman Insurance Co. (PSC) to A- from BBB+.

At the same time, the long-term counterparty credit and insurer financial strength ratings were removed from CreditWatch, where they had been placed with positive implications on June 26, the agency said.

The outlook is stable.

S&P said it assessed the strategic importance of Oman Insurance to its parent, Mashreqbank (A/stable/A-1), following the assigning of interactive ratings to Mashreq on June 25.

The upgrade reflects S&P's view that Oman Insurance is strategically important to its parent, Mashreq and will therefore benefit from implicit group support.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.