Standard and Poor's Ratings Services has lowered its counterparty credit and insurer financial strength ratings on First Takaful Insurance Co. to 'BB+' from 'BBB-'. The Kuwait-based insurance company's ratings were removed from CreditWatch. Outlook is stable. "The outlook is stable because we believe that First Takaful will be able to prevent further weakening of its capitalization and operating performance within the next 12 months," said Standard & Poor's credit analyst Wolfgang Rief.