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S&P rates Gulf Insurance notes BBB+
S&P said it assigned a BBB+ rating to Gulf Insurance Group KSCP’s offering of up to Kuwaiti dinar 60 million of tier 2 junior subordinated, perpetual notes, which will qualify in their entirety as capital for solvency purposes. Concurrently, the agency raised Gulf Insurance’s issuer rating to A- from A-.
“We have revised upward our assessment of GIG's capital and earnings, and subsequently our overall financial risk profile, following GIG's announcement that it will issue up to Kuwaiti dinar (KWD) 60 million of subordinated notes. We expect that GIG will issue at least KWD 50 million. The subordinated notes are callable after five years and GIG is issuing them in two tranches of up to KWD 30 million each, with fixed- and floating-rate coupons of 4½% and 4¼%, respectively,” S&P said in a press release.
The agency said it forecasts GIG's capital and earnings will improve to the AA benchmark or above following this issue and a rights issue of KWD 50 million in September 2021, and will stay above that level in 2021-2023.
The outlook is stable.
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