Best’s News & Research Service - March 03, 2023 11:31 AM (EST)
AM Best Withdraws Credit Ratings of Al Ittihad Al Watani (L'Union Nationale) Societe Generale d'Assurances du Proche Orient, sal
- March 03, 2023 11:31 AM (EST)
London //BestWire// - AM Best has withdrawn the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Al Ittihad Al Watani (L’Union Nationale) Société Générale d’Assurances du Proche Orient, sal (Al Ittihad) (Lebanon). At the time of the withdrawal, these Credit Ratings (ratings) were under review with negative implications.
AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Al Ittihad due to the absence of sufficient and reliable financial information.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.