Dubai-based insurer Salama/IAIC and its BEST RE reinsurance subgroup have supplied us with data on their exposure to Thai flood-related losses In light of this information, we are affirming the ratings on Salama/IAIC and BEST RE as we consider that the group's estimated net losses of up to $20 million are unlikely to deplete capital adequacy to such an extent that it threatens the current ratings. We would review the ratings and outlook again if we come to believe that the group's ultimate Thai flood-related net losses may materially exceed $20 million. The stable outlook reflects our view that the BEST RE subgroup's net losses in respect of the Thai floods are unlikely to be significantly higher than expected. On
