S&PGR Dwngrds SALAMA/Islamic Arab Insur To 'BBB-'; Otlk Neg For the past four years, SALAMA/Islamic Arab Insurance Co. P.S.C. (Salama)'s financial accounts have had three audit qualifications regarding the valuation and ownership of certain assets. We note that there has been a marginal improvement in the amount of assets qualified. If these assets are significantly or fully impaired, Salama's capital adequacy could weaken materially in our risk-based model. Salama's inability to resolve these audit qualifications for a prolonged period along with its high turnover in senior management over the past few years has led us to revise downward our assessment of Salama's governance. We therefore lowered our issuer credit and financial strength ratings on Salama to 'BBB-' from 'BBB' and
