S&P revises Wethaq Takaful Insurance view to stable

S&P said it affirmed its B long-term insurer financial strength and issuer credit ratings on Kuwait-based Wethaq Takaful Insurance Co. KSC and revised the outlook to stable from negative.

“The outlook is stable because we believe Wethaq can maintain its competitive position, capital adequacy, and liquidity over the next 12 months, while further derisking its investment portfolio,” S&P said in a news release. “Furthermore, we expect that Wethaq will remain unconstrained and operationally independent from its majority parent, Kuwait-based The Investment Dar.”

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