Suez Canal Insurance: Fitch Ratings

Fitch Ratings assigned Suez Canal Insurance Company (SCI) a financial strength (IFS) rating of "B+" and a national (IFS) rating of "AA- (egy)". The outlooks for both ratings are stable.

The ratings reflect the favourable business profile and good financial performance of the Egyptian insurer.

The rating agency also recognised SCI's strong position in the local insurance market and its conservative strategy by local standards. However, Fitch Ratings considers that investment and asset risks are high and capitalization is weak.