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Bahrain National Insurance receives ‘BBB’ ratings from S&P

Standard & Poor's Ratings Services has affirmed its long-term counterparty credit and insurer financial strength ratings on Bahrain National Insurance Co at 'BBB,' and said the ratings have been then withdrawn at the issuer's request. The outlook was 'negative' at the time of the withdrawal. "At the time of the ratings withdrawal, the ratings on BNIC reflected the company's significant business and investment exposure to the credit quality of the Kingdom of Bahrain (BBB/Negative/A-2). The company's stand-alone credit profile demonstrated its strong operating performance and strong capitalisation," S&P said.