S&P lowers Oman United Insurance

S&P said it lowered the long-term issuer credit ratings on Oman United Insurance Co. SAOG to BBB- from BBB and subsequently withdrew the ratings at the company's request.

The outlook was stable at the time of withdrawal.

The agency said the downgrade reflects the indirect impact on the company of the downgrade of Oman.

“In our view, the increase in sovereign risk in Oman has adversely affected the weighted average asset quality of OUIC with respect to its often-substantial cash deposits placed with local Omani banks,” S&P said in a news release.

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