S&P rates Wataniya BBB

Standard & Poor's said it assigned a BBB counterparty credit and insurer financial strength ratings to Wataniya Cooperative Insurance Co.

The outlook is stable.

The new company immediately benefits from good capitalization, seemingly good, albeit still unproven, business prospects, strong liquidity and cash-oriented investment strategies, S&P said.

It also acquired a long-established infrastructure of offices, risk-management, administration and controls from Saudi National Insurance Co., the agency said.

These strengths are offset in part by the new legal entity's lack of an independent track record, S&P said, and by start-up and expected initial operating losses in 2010.

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