S&P downgrades outlook on Emirates Insurance
Standard & Poor's Ratings Services said today that it revised its outlook on Abu Dhabi-based Emirates Insurance (EIC) to negative from stable in response to the heavy decline in the company's capital adequacy at Dec. 31, 2008, and the heightened volatility in the value of its investment portfolio, which may have a further negative impact on its capital adequacy.
At the same time, the 'BBB+' long-term counterparty credit and insurer financial strength ratings were affirmed.
"The outlook revision reflects our opinion that the ratings will be lowered if capital
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