Fitch Ratings on Oct. 17 assigned Co. for Cooperative Insurance (Tawuniya) an insurer financial strength rating of A, with a stable outlook.

The rating reflects Tawuniya's strong capitalization, financial performance and earnings and business profile in the Saudi Arabian insurance market, the rating agency said.

A downgrade may result from a decline in Tawuniya's capitalization as well as a deterioration of its underwriting capability, while an upgrade is unlikely given the insurer's limited diversification by product line and geography, Fitch said.