Mubasher: Standard & Poor's Ratings (S&P) affirmed the credit rating of Wethaq Takaful Insurance rating at ‘B’, while upgrading its outlook to ‘Stable’ from ‘Negative’.

S&P’s outlook upgrade was allocated based on the firm’s improving liquidity, Wethaq Takaful said in a filing to Boursa Kuwait of Monday.

The stable outlook of Wethaq Takaful affirms the ability to keep its current competitive position during the coming twelve months, while also maintaining its capital adequacy and liquidity ratios.

The company is continuously applying appropriate measures to prevent risks in its investment portfolio, S&P said, expecting Wethaq Takaful to remain independent on an operating scale meanwhile.

It is worth remarking that during the first half of 2019, Wethaq Takaful suffered losses worth of KWD 403, against profits of about KWD 41,220 during H1-18.