Standard & Poor’s Ratings Services said on Thursday that its ‘BBB-’ counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Company (First Takaful) remain on CreditWatch with negative implications, where they were placed on May 12, 2010.
“The rating action mainly reflects our continued view of the deteriorating underwriting performance of First Takaful’s “takaful fund”, poor investment results for both members and shareholders, and diminished business growth under very difficult economic and competitive conditions,” said Standard & Poor’s Credit Analyst Wolfgang Rief……………………………………….Full Press Release: Source