Kuwait's First Takaful Insurance remains on CreditWatch

15/09/2010 00:00 AST

Standard & Poor's Ratings Services said that its 'BBB-' counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. (First Takaful) remain on CreditWatch with negative implications, where they were placed on May 12, 2010.

"The rating action mainly reflects our continued view of the deteriorating underwriting performance of First Takaful's "Takaful fund", poor investment results for both members and shareholders, and diminished business growth under very difficult economic and competitive conditions," said Standard & Poor's Credit Analyst Wolfgang Rief. "It also reflects our uncertainties about management's expectations and measures to restore profitability and return to growth."


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Standard & Poor's Ratings Services said today it lowered its counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. to 'BB+' from 'BBB-'.

A

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