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AM Best has removed Al Ittihad from under review with negative implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Al Ittihad Al Watani (L’Union Nationale) Société Générale D’Assurances du Proche Orient, sal (Al Ittihad) (Lebanon). The outlook assigned to ...
The removal of the under review with negative implications status reflects AM Best’s expectation that Al Ittihad’s credit fundamentals will remain largely insulated from the heightened economic, political and financial system risk of Lebanon, where the company is domiciled and holds some assets, given that the majority of its operations and investments are located in the United Arab Emirates (UAE).
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