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After downgrade, Takaful Re asks S&P to withdraw ratings

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Standard & Poor's Corp. has lowered its long-term counterparty credit and insurer financial strength ratings on U.A.E.-based reinsurer Takaful Re Ltd. from 'BBB' to 'BBB-,' CPI Financial reports.

"We subsequently withdrew the ratings on TRL at its request," said the rating agency, adding that "at the time of the withdrawal, the outlook was stable." "The downgrade reflects the deterioration of TRL's business risk profile, mostly due to challenges within the Islamic insurance sector that have been exacerbated by the company's lack of scale," said S&P.

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