Riyadh – Mubasher: S&P Global Ratings has upgraded Walaa Cooperative Insurance Company’s rating from (BBB+) to (A-) and the GCC rating to (gcAAA), with a “Stable” outlook.

The key drivers for the upgrade include the successful integration with MetLife AIG ANB Insurance Company without experiencing any capital or earnings volatility, according to a bourse statement on Sunday.

Lending further support to the upgrade was that capital adequacy is above AAA level as per S&P model and is likely to be strengthened over the next two years with the proposed rights issue. 

Moreover, S&P noted that Walaa enjoys exceptional liquidity, very strong financial risk profile, capital, and earnings with a moderate risk profile. 

The stable outlook captures S&P’s expectation that Walaa will maintain its robust capital adequacy while strengthening its competitive position and diversifying its operations.