S&P affirms Walaa rating at A-, revises outlook to Negative

Walaa says rating supported by its high capital adequacy

Walaa Cooperative Insurance Co. announced that S&P Global Ratings affirmed the company’s long-term financial strength rating at “A-”, assigned “ksaAAA” long-term Saudi national scale, and “gcAAA” long-term Gulf Cooperation Council (GCC) regional scale financial strength ratings.

The rating is supported by the high capital adequacy, which remains comfortably above S&P’s 99.99% benchmark, the insurer said in a statement to Tadawul.

However, S&P revised its outlook on Walaa’s to “Negative” from “Stable” due to the continued underperformance relative to peers rated at “A-”, both in Saudi Arabia and the wider GCC region.