Dubai-Mubasher: Standard & Poor's (S&P) confirmed its credit rating for Al Buhaira National Insurance Co. (ABNIC) at “BB+,” with a stable outlook, according to its report.
The agency stated that the rating reflects ABNIC’s satisfactory business risk profile as a leading insurance company in the UAE, adding to its strong capital and cash flows.
“We expect ABNIC to perform reasonably over the outlook period, with positive trends in business growth and operating performance, and a gradual reduction in overall indebtedness,” said S&P.
The ratings agency added that any decision taken by ABNIC to sell a major property that will lead to a reduction in the short-term debt usage, would result in an immediate review for its rating.
