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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."
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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-'.
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