OREANDA-NEWS. A.M. Best has downgraded the financial strength rating to B+ (Good) from B++ (Good) and the issuer credit rating to “bbb-” from “bbb” of Al-Sagr National Insurance Company P.S.C. (ASNIC) (United Arab Emirates). The outlook for each rating has been revised to negative from stable.

The rating downgrades reflect ASNIC’s higher financial risk position, due to its affiliation with its majority shareholder, Gulf General Investment Co. (P.S.C.) (GGICO), an investment company that maintains a vulnerable credit profile.