Kuwait – Mubasher: Wethaq Takaful Insurance said that Standard & Poor's (S&P) has affirmed the company’s credit rating at ‘BB’ with a ‘Stable’ Outlook, according to a bourse statement issued on Tuesday.
The company clarified that the outlook reflects expectations for liquidity to not witness further decline, according to S&P’s report to Wethaq.
S&P expected Wethaq to maintain the solid capital base for the coming 12 months, noting that it may have to downgrade the credit ratings within the coming two years.
Based on S&P’s report to Wethaq, the operating performance of the company came negative, and the average rate of net consolidated losses and expenses for five years reached 1.04%.
