Bulletin: SALAMA/Islamic Arab Insurance Co. Ratings Remain On CreditWatch Negative

DUBAI (S&P Global Ratings) Jan. 17, 2022--S&P Global Ratings said today that it is keeping its 'BBB' long-term insurer financial strength and counterparty credit ratings on SALAMA/Islamic Arab Insurance Co. P.S.C. on CreditWatch with negative implications. We originally placed the ratings on CreditWatch negative on July 26, 2021 (see "Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications," published on RatingsDirect). The CreditWatch reflects the continued uncertainty regarding the valuation of certain qualified assets and the company's ongoing court cases with third parties. We expect to update or resolve the CreditWatch within the coming 90 days as further developments unfold relating to the pending court cases and audit qualifications.

...DUBAI (S&P Global Ratings) Jan. 17, 2022--S&P Global Ratings said today that it is keeping its '###' long-term insurer financial strength and counterparty credit ratings on SALAMA/Islamic Arab Insurance Co. P.S.C. on CreditWatch with negative implications. We originally placed the ratings on CreditWatch negative on July 26, 2021 (see "Dubai-Based SALAMA/Islamic Arab Insurance Co. '###' Ratings Put On CreditWatch Negative On Audit Qualifications," published on RatingsDirect). The CreditWatch reflects the continued uncertainty regarding the valuation of certain qualified assets and the company's ongoing court cases with third parties. We expect to update or resolve the CreditWatch within the coming 90 days as further developments unfold relating to the pending court cases and audit qualifications....

Bulletin