S&P keeps first Takaful Insurance on CreditWatch negative

11/09/2010 00:00 AST

Standard & Poors 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 Takafuls "takaful fund", poor investment results for both members and shareholders, and diminished business growth under very difficult economic and competitive conditions," said Standard & Poors Credit Analyst Wolfgang Rief. "It also reflects our uncertainties about managements expectations and measures to restore profitability and return to growth."


Al Watan

News

Capital Standards Rating upgrades First Takaful Insurance to BB

28/03/2014

Kuwait-based Capital Standards Rating (CSR) has upgraded First Takaful Insurance Company's (FTIC) Insurer's Financial Strength Rating (IFSR) to 'BB' and national rating to 'BBBkw'. The outlook for th

CPI Financial

Kuwait's First Takaful Insurance lowered to 'BB+' on financial

08/10/2010

Standard & Poor's Ratings Services said today it lowered its counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. to 'BB+' from 'BBB-'.

A

Business Intelligence

Kuwait's First Takaful Insurance remains on CreditWatch

15/09/2010

Standard & Poor's Ratings Services said that its 'BBB-' counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. (First Takaful) remain on CreditWatch wi

CPIFINANCIAL

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