Mubasher: S&P Global Ratings has affirmed the credit rating of Gulf Insurance Group at “A-” and downgraded the Outlook to “Negative” from “Stable”.

This rating reflects the solid financial strength rating and its ability to meet financial liabilities, according to Gulf Insurance’s statement to Boursa Kuwait on Tuesday.

It added that the negative outlook indicates to the possibility of a decrease in liquidity and an incline in being in risk from the insurance industry.

Gulf Insurance’s total premiums in Kuwait accounted for 61.4%, while the remaining 38.6% was from Jordan, Bahrain, Egypt, Algeria, Syria, Turkey, and Iraq.

At the stock level, Gulf Insurance closed Tuesday’s session at 644 fils.