Research Update: Noor Takaful Family And Noor Takaful General 'BBB-' Ratings Placed On CreditWatch Negative Dec 11
- Language: English
- Published: December 2011
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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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.
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First Takaful Insurance Co.