S&P Global Ratings on Feb. 28 revised the outlook on Seib Insurance & Reinsurance Co. LLC's local-currency counterparty credit and financial strength ratings to stable from positive, while affirming the ratings at BBB.
The ratings agency also affirmed the company's Gulf Cooperation Council regional scale counterparty credit rating at gcAA.
S&P noted that a slowdown in economic growth in Qatar due to the Saudi Arabia-led boycott of the country that began in June 2017 pressured business prospects for small and medium-sized enterprises, which are key to Seib's success.
The stable outlook reflects the agency's view that Seib Insurance & Reinsurance will return to growth in 2018 and remain profitable at the underwriting level.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
