Moody’s: Boubyan Takaful’s IFS Rating Downgraded to Baa3; Outlook Revised to Stable

Moody’s Investors Service (Moody’s) has downgraded the insurance financial strength (IFS) rating of Boubyan Takaful Insurance (Boubyan Takaful) to Baa3 from Baa2, according to a recent statement. In addition, Moody’s has revised Boubyan Takaful’s outlook to Stable from rating under review.

The downgrade of the IFS rating reflects the worsening performance of the company’s financial profile since 2018, and Moody’s expectations that Boubyan Takaful’s capitalisation metrics will remain below a Baa2 rating for the ensuing 18 months.

Meanwhile, the revision to a Stable outlook reflects Moody’s expectations that the company will likely show...