The global rating agency Standards & Poor’s (S&P) has affirmed the credit rating of Malath Insurance at ‘BBB+’, with Stable Outlook, the company said in a bourse statement.
This rating reflects the strength of the company’s financial and competitive position as well efficient management and balanced strategy.
S&P sees that the company’s competitive position in the local market is good, and the insurer has the ability to boost its market share in Saudi Arabia.
Malath had signed on Sept. 30 an amending supplement for the vehicle insurance agreement signed with Abdul Latif Jameel United Leasing.
Under this agreement, Malath cooperates with the other insurance companies to provide insurance coverage for the vehicles owned by Abdul Latif Jameel for the damages caused to the insured vehicles over three fiscal years starting from Jan. 1, 2013.