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S&P revises outlook on Kuwait-based Wethaq Takaful Insurance

S&P Global Ratings on Dec. 13 affirmed Wethaq Takaful Insurance Co. KSCP's long-term issuer credit and financial strength ratings at BB and revised the outlook to negative from stable.

The outlook revision reflects the insurer's weakened liquidity, deteriorated capital adequacy and competitive stress. During the next 12 months, the Kuwait-based company's liquidity and competitive position may be negatively hit by its earnings volatility and exposure to high-risk investments, the agency said.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.