ABNIC put on creditwatch negative

UAE insurer Al Buhaira National Insurance Company has been put on creditwatch negative by Standard & Poor’s. The ratings agency said the financial profile of the insurer “has weakened”, therefore it is placing the firm’s BBB rating on creditwatch negative.

New S&P Scale Reveals First Gulf Ratings

Standard & Poor’s has assigned its first regional credit ratings for the GCC after launching a new assessment scale in February. The outlook for UAE-based Emirates Insurance Co is set at gcAA under S&P’s recently-launched scale, while Bahrain National Insurance has secured the same rating. Both companies have a stable BBB+ international rating. The ratings reflect both companies’ strong operating performance, capitalisation, investments and liquidity, S&P said.