S&P ups Wethaq view to stable

Standard and Poor's said it revised the outlook on Wethaq Takaful Insurance Co. to stable from negative.

The agency also said it affirmed the BB long-term counterparty credit and insurer financial strength ratings.

The outlook revision reflects a belief that despite substantial asset write-downs and the parent's financial troubles, Wethaq has sustained operations in Kuwait and launched a new business in Egypt, S&P said.

Wethaq's business and financial profiles are consistent with the current ratings, the agency added.

The ratings also consider its marginal competitive position and aggressive investments, S&P said.

© 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.