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Dubai-based Arab Orient Insurance rating raised to 'A'; Outlook stable

United Arab Emirates: Saturday, June 28 - 2008 at 09:45
PRESS RELEASE

Standard & Poor's Ratings Services said today that it raised its long-term counterparty credit rating and financial strength rating on Dubai-based Arab Orient Insurance Co. to 'A' from 'A-'. The outlook is stable.

The improvement in the rating reflects AOIC's strong capitalization and consistently very strong and stable earnings, accompanied by prudential asset management with very strong liquidity. Management is a positive rating factor through its prudential risk discipline. These factors are offset by AOIC's high use of reinsurance and the concentration risk from banking counterparties. The positive factors are reinforced by the long-standing strength of AOIC's relationship with its parent, Al Futtaim Group (not rated).

"We expect that AOIC will maintain strong capitalization and very strong earnings. The investment profile will remain highly liquid and prudentially focused on bank deposits in securely rated banks,"

said Standard & Poor's credit analyst Kevin Willis.

"The competitive position will remain at least strong in the UAE, and the franchise will expand into neighboring regions in the medium term with the active support of the Al-Futtaim Group."

Negative rating action would be prompted should AOIC's capitalization and earnings track record deteriorate materially, either through its own actions or those of its parent. Further positive rating action is highly unlikely over the rating horizon.

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Standard & Poor's, a division of The McGraw-Hill Companies, is one of the world's foremost providers of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

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Nigel Bond, London
Insurance Ratings Europe

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Posted by Eman Hassan
Saturday, June 28 - 2008 at 09:45 UAE local time (GMT+4)

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Dubai-based Arab Orient Insurance rating raised to 'A'; Outlook stable

Standard & Poor's Ratings Services said today that it raised its long-term counterparty credit rating and financial strength rating on Dubai-based Arab Orient Insurance Co. to 'A' from 'A-'. The outlook is stable.

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