Salama/Islamic Arab Insurance Co. P.S.C. (Salama) managed to resolve its long-standing audit qualifications by taking necessary provisions and got a clean audit report for its 2024 financial statements. That said, Salama has reported a regulatory solvency deficit in its financial statements for the year end 2024. We understand Salama's management is working on a full resolution of the deficit by the end of 2025. We therefore affirmed our long-term issuer credit and financial strength ratings on Salama at 'BBB-' and removed the ratings from CreditWatch negative. The outlook is developing, reflecting our view that we could either lower, raise, or affirm our ratings over the next 12 months depending on Salama's ability to resolve its solvency deficit. On April 16,
