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The first was a 4.7-magnitude quake, followed by a 4.2-magnitude tremor
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ARIG gets S&P ratings
DUBAI - Standard and Poor's (S&P) ratings services assigned its 'BBB' long term counterparty credit and insurer financial strength ratings to Bahrain- based reinsurer Arab Insurance Group (BSC) (ARIG), according to rating agency the outlook is stable. The ratings are based on the group's good competitive position in the Middle East and North Africa (MENA) and very strong capitalisation, offset by adequate operating performance.
ARIG is quoted on Bahrain and Kuwait Stock Exchanges with Global Depository Receipts (GDR), equivalent to 10 ordianry shares traded on the London Stock Exchange.
The group is 49.5 per cent owned by the governments of Kuwait, Libya and UAE. According to SP, the group is expected to dispose of its insurance subsidiaries by year-end 2005, realising at least the fair value of net assets.
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