Fitch Ratings reflects ECI’s role in supporting the UAE economy – Gulf Today

Fitch Ratings reflects ECI’s role in supporting the UAE economy – Gulf Today

ECI is one of the main drivers for diversifying and developing the UAE non-oil exports.

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