Fitch affirms ECI’s ratings at AA- with stable outlook for fourth consecutive year

Fitch affirms ECI’s ratings at AA- with stable outlook for fourth consecutive year

DUBAI, 22nd November, 2022 (WAM) -- Etihad Credit Insurance (ECI), the UAE Federal export credit company, has been assigned 'AA-' (Very Strong) ratings for the fourth consecutive year by Fitch Ratings, reflecting ECI’s role in supporting the diversification of the UAE economy.

ECI’s Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) were both affirmed at 'AA-' (Very Strong) with Stable Outlooks.

The primary driver for these robust ratings is ECI’s strategic governmental function in the promotion of UAE's non-oil exports and strategic sectors' development to achieve the country’s economic agenda.

Other key drivers include ECI’s government ownership; its very strong capitalisation with no debt under its capital structure, as well as its prudent investments, strong reinsurance programme; and profitable underwriting.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, said, “This positive rating reflects the confidence of the international organisations and global rating agencies to the UAE in general, and it also confirms the credit worthiness of the company, the strength of its financial position and its role in enhancing the UAE’s reputation and competitiveness of its exports in the foreign market.”

He explained that ECI is one of the main drivers for diversifying and developing