Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications - S&P Global Ratings’ Credit Research

Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications

Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications - S&P Global Ratings’ Credit Research
Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications
Published Jul 26, 2021
4 pages (1870 words) — Published Jul 26, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

For the second year in a row, SALAMA's 2020 financial accounts contain a number of audit qualifications due to insufficient information regarding the valuation and ownership of certain assets. We understand that SALAMA is taking legal action against the third parties to recover these amounts. If these assets were to be significantly or fully impaired, SALAMA's capital adequacy as per our model would fall below the 'AAA' level. We are therefore placing our 'BBB' ratings on SALAMA on CreditWatch with negative implications. We intend to resolve the CreditWatch within 90 days after reviewing the judgements of court cases and the possible impact on SALAMA's capital and liquidity. On July 26, 2021, S&P Global Ratings placed its 'BBB' long-term insurer financial

  
Brief Excerpt:

... Insurance Co. '###' Ratings Put On CreditWatch Negative On Audit Qualifications...

  
Report Type:

Research Update

Issuer
GICS
Property & Casualty Insurance (40301040)
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications" Jul 26, 2021. Alacra Store. Mar 29, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Dubai-Based-SALAMA-Islamic-Arab-Insurance-Co-BBB-Ratings-Put-On-CreditWatch-Negative-On-Audit-Qualifications-2694377>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Dubai-Based SALAMA/Islamic Arab Insurance Co. 'BBB' Ratings Put On CreditWatch Negative On Audit Qualifications Jul 26, 2021. New York, NY: Alacra Store. Retrieved Mar 29, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Dubai-Based-SALAMA-Islamic-Arab-Insurance-Co-BBB-Ratings-Put-On-CreditWatch-Negative-On-Audit-Qualifications-2694377>
  
US$ 225.00
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