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