Egyptian insurer assigned 1st rating

An Egypt-based financial services company focused on the insurance space has been assigned first-time insurer financial strength (IFS) and national IFS ratings by Fitch Ratings.

Suez Canal Insurance Company (SCI) has received an IFS rating of B+ and a national IFS rating of AA-(egy), with a stable outlook.

SCI’s rating reflects its favourable business profile, good financial performance and earnings that are balanced by high investment, asset risk and weak capitalisation.

See issuer profile here