Doha Insurance jumps on S&P rating hike
The Qatar Exchange 20 Index gained for the fourth day straight, closing 0.84 per cent higher at 13,284.65 points on Thursday, July 17.
Doha Insurance closed 8 per cent higher at QAR27.65. Earlier in the day, Standard and Poor’s Ratings Services raised the insurer’s financial strength and counterparty credit ratings ‘A-‘ from ‘BBB ‘. The outlook remains stable.
S&P stated, “The upgrade reflects our view that Doha’s financial risk profile has significantly and sustainably improved following the injection of QAR437 million ($117 million) in April 2014.”