The key drivers for the upgrade include the successful integration with MetLife AIG ANB Insurance Company without experiencing any capital or earnings volatility, according to a bourse statement on Sunday.
Lending further support to the upgrade was that capital adequacy is above AAA level as per S&P model and is likely to be strengthened over the next two years with the proposed rights issue.
Moreover, S&P noted that Walaa enjoys exceptional liquidity, very strong financial risk profile, capital, and earnings with a moderate risk profile.
The stable outlook captures S&P’s expectation that Walaa will maintain its robust capital adequacy while strengthening its competitive position and diversifying its operations.
All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).