S&P raises Arab Orient Insurance

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Arab Orient Insurance Co. (PSC), the parent company and core operating entity of AOIC Group, to A from A-.

The outlook is stable.

"The rating action reflects its view that the group's performance has remained more resilient than we had expected in the face of its significant exposure to Dubai, whose economic fundamentals had weakened in 2009," said credit analyst Nigel Bond.

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