Wednesday 03, August 2011 by
S&P cuts Al Buhaira National Insurance to 'BB+'
Standard & Poor's Ratings Services (S&P) lowered its long-term counterparty credit and insurer financial strength ratings on United Arab Emirates (UAE)-based composite insurer Al Buhaira National Insurance (ABNIC) to 'BB+' from 'BBB-'. The outlook is stable. The cut in ratings reflects S&P’s belief that ABNIC's investments, liquidity, capitalisation, and financial flexibility have all weakened, and will show only slow improvement over the next year, primarily due to continued debt-funded property investment and rising leverage ratios.
