Islamic Arab Insurance Co. P.S.C. (Salama), which is based in the United Arab Emirates (UAE), has reported a regulatory solvency deficit in its financial statements for the past three quarters. Salama's management is taking steps to resolve the deficit but we understand that full resolution is not expected until the first half of 2025. Therefore, we are keeping our 'BBB-' ratings on Salama on CreditWatch negative, where they were placed on April 23, 2024. We intend to resolve the CreditWatch once it is clearer to us what corrective actions Salama has planned and can assess its ability to rectify the deficit. On Oct. 18, 2024, S&P Global Ratings kept its 'BBB-' long-term insurer financial strength and issuer credit ratings on
