Al-Ahleia Insurance Company said it received ratings from Standard & Poor's at 'A-' counterparty credit and insurer financial strength on CreditWatch, with negative implications.

Kuwaiti Al-Ahleia commented that these ratings are only temporary until it fully acquires Kuwait Reinsurance, the company said in a bourse filing.

Al-Ahleia noted that taking over Reinsurance is 61.37% complete as 92.05 million of its shares were purchased.

Al-Ahleia noted that it already bought 92.05 million shares from Reinsurance, which makes the takeover 61.37% complete.

S&P is currently considering the impact of this acquisition, but will set the final ratings on CreditWatch after a study period of around 90 days.