SALAMA's year-end 2019 financial accounts contain a number of audit qualifications due to insufficient information regarding the valuation and ownership of some assets. If these assets were to be significantly or fully impaired, it could bring SALAMA's capital adequacy below the 'AAA' level. We are therefore revising our outlook on SALAMA to negative from stable. At the same time, we are affirming our 'BBB' long-term financial strength and issuer credit ratings on SALAMA. The negative outlook reflects a one-in-three likelihood that we could lower the ratings on SALAMA by one or more notches over the next two years if the qualifications are not resolved, which could result in weakening of capital adequacy below the 'AAA' level. On April 21, 2020,