S&P rates Gulf Insurance & Reinsurance A-

Standard & Poor’s said it assigned an A- insurer financial strength and counterparty credit ratings to Gulf Insurance & Reinsurance Co. KSC, the core Kuwaiti subsidiary of Gulf Insurance Group KSCP.

The agency also said it downgraded Gulf Insurance Group to BBB+ from A-.

The outlook is stable.

The A- rating on Gulf & Reinsurance reflects its status as core to Gulf Insurance Group, S&P said.

The agency said it is one of the key profit drivers for the group and, in its expanded role, has inherited a long-established and continually improving profile as Kuwait’s market leader.

As the holding company, Gulf Insurance Group is the holder of debt finance and depends somewhat on group dividends to support debt servicing, S&P said.

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