- Language: English
- Published: January 2013
- Region: United Arab Emirates
Research Update: First Takaful Insurance Co. Downgraded To 'BB-' On Eroding Capital Base; Ratings Withdrawn Jun 11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.
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First Takaful Insurance Co.