S&P downgrades Al Sagr rating on higher regulatory risk

31/01/2019 Argaam

 

Standard and Poor's (S&P) downgraded the credit rating of Al Sagr Cooperative Insurance Co. from BBB to BBB- with a negative outlook due to high level of regulatory risk, the company said in a statement to Tadawul.

 

The rating comes after The Saudi Arabian Monetary Authority (SAMA) has issued a letter to Al Sagr including a final warning regarding violations related to governance and internal control practices.

 

Putting credit ratings under control reflects the possibility that S&P will adjust its assessment of governance, governance and / or corporate risk management if the company fails to address the violations during the period specified in the letter, leading SAMA to take a legal action against the insurer. The agency aims to make its decision on credit rating within 90 days, the statement added.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read