Saudi Re: Standard and Poor's rating

Standard and Poor's (S&P) has attributed a long-term financial strength and credit rating of "A-" to Saudi Re.

The Saudi reinsurer has also been assigned a regional scale rating of "gcAAA" by the rating agency. The "gc" rating is used to evaluate companies operating in the Gulf Cooperation Council (GCC) countries. The outlook for both ratings is stable.

According to S&P, Saudi Re has been continuously consolidating its competitive position by growing and diversifying its business operations over the past few years.

The reinsurer's upcoming share capital increase should further support the company's growth plans.

The agency expects Saudi Re to maintain good capital adequacy and to achieve profitable business over the next two years.