S&P May Cut Qatar Insurance Ratings Over $310 Million Loan

(Bloomberg) -- Qatar Insurance Co. may have its ratings cut by one level at S&P Global Ratings, which flagged uncertainty over a 240 million-pound ($310 million) loan.

S&P changed its outlook for the insurer to negative from stable, while affirming the A ratings. "The negative outlook indicates that we could lower the ratings by one notch."

The rating agency raised concerns over the loan Markerstudy owes to Qatar Insurance and whether it’ll be paid before May 2020.

Markerstudy provides about 28% of Qatar Insurance’s annual premium, according to S&P. The loan relates to Qatar Insurance’s acquisition of four Markerstudy subsidiaries in 2018, when it also purchased the parent-related loans of these entities, it said.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Stefania Bianchi

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