The global credit rating agency, Standard & Poor's, raised the Walaa Cooperative Insurance Company rating from (BBB +) to (-A), and raised its financial strength rating Gulf standards to (gcAAA), with a stable outlook.
Walaa Insurance said in a statement to the Saudi Market (Tadawul), today, Sunday, that the agency raised the rating for several factors, most notably the success of the merger between the company, MetLife, the American International Group and the bank. Arab National Cooperative Insurance without facing any fluctuations in capital or profits.
and indicated that the rating upgrade is also due to the company's capital adequacy above the AAA level, according to the evaluation model of Standard & Poor's Capital adequacy will be enhanced during the next two years, as the company intends to increase the capital through rights issue, in order to support diversification in growth.
and she pointed out that the stable outlook for the company reflects the expectations of Standard & Poor's credit rating agency that the company will continue to maintain its capital adequacy while strengthening its competitive position and diversifying its operations. / p>
and the agency, Standard & Poor's, added that the basis for raising the company's rating is due to the company's management adopting a proactive approach, in addition to the company's enjoyment of exceptional liquidity, financial strength and achieved profits against the level Medium risk score.
Walaa Al-Tameen expects that raising its credit rating will have a positive impact on the growth of its business and this will be reflected in the coming years.
