S&P ratings for Best Re unaffected by deal
Standard & Poor's Ratings Services said today that its financial strength and counterparty credit ratings on Tunis-based B.E.S.T. Reinsurance are not affected by the announcement that the unrated Salama Islamic Arab Insurance incorporated in the Emirate of Dubai, United Arab Emirates (UAE), has increased its ownership in Best Re to 100% from 60%.
Salama's acquisition of the 40% minority shareholding in Best Re previously held by the unrated conglomerate, Al Baraka Group of Saudi Arabia, was not unexpected, and Standard & Poor's believes that
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