DOHA: Insurance major Doha Insurance yesterday announced that Standard & Poor’s Ratings Services (S&P) has raised its financial strength and counterparty credit ratings.
“We are glad to announce that Standard & Poor’s Ratings Services (S&P) raised the insurer financial strength and counterparty credit ratings on Doha insurance Co. to ‘A-’ from ‘BBB+’. The outlook remains stable,” said Sheikh Nawaf Nasser bin Khaled Al Thani (pictured), Chairman of Doha Insurance Co.
“The upgrade reflects our view that Doha’s financial risk profile has significantly and sustainably improved following the injection of QR437m in April 2014,” S&P stated in its report.
“We are very pleased with the ‘A-‘rating. We believe this further enhance our commitment to play a leading role within Qatar, the region and the Arab World,” said Bassam Hussein, Chief Executive Officer of Doha Insurance.