Research Update: First Takaful Insurance Co. Downgraded To 'BB-' On Eroding Capital Base; Ratings Withdrawn Jun 11
- ID: 1824345
- June 2011
- Standard & Poors
We expect First Takaful Insurance Co.'s marginal capital base to be further eroded by negative operating performance. As a result, we are lowering our counterparty credit and financial strength ratings on First Takaful to 'BB-' from 'BB+'. Subsequently, we are withdrawing our ratings on First Takaful. On June 14, 2011, Standard & Poor's Ratings Services lowered its counterparty credit and financial strength ratings on First Takaful Insurance Co. (First Takaful) to 'BB-' from 'BB+'. The outlook was negative. Subsequently, Standard & Poor's withdrew the ratings on First Takaful at the company's request. As a result, the company is no longer subject to surveillance by Standard & Poor's. The downgrade and negative outlook reflect our view of the company's increasingly marginal...
Companies mentioned in this report are: First Takaful Insurance Co.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
SHOW LESS READ MORE >