UAE News Today : Business

Fitch reaffirms ECI’s ratings at ‘AA-‘ with stable outlook for sixth consecutive year


Etihad Credit Insurance (ECI), the UAE’s federal export credit company, announced that it has achieved sustained AA-Fitch ratings for six consecutive years.

Fitch Ratings has reconfirmed ICEThe insurer’s financial strength rating (IFS) and long-term issuer default rating (IDR) at ‘AA-‘ (very strong) with a stable outlook.

This prestigious recognition, from 2019 to date, highlights ICEUnwavering dedication to supporting the economic diversification of the UAE and boosting the international competitiveness of UAE-based companies.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurancesaying,

“Fitch’s positive rating reaffirms the UAE’s efforts to diversify the national economy and improve its competitiveness regionally and globally. It also reflects the confidence of international institutions, global rating agencies and business communities in the UAE as a destination economic leader”.

He added,

“This rating will strengthen Etihad Credit Insurance’s solvency, the strength of its financial position and its role in enhancing the reputation and competitiveness of domestic exports in foreign markets. This success confirms our firm commitment to increasing economic diversification in the country, supporting and encouraging exporters to deal with foreign markets with confidence and security, thereby enhancing the achievement of the economic objectives of the “We, the UAE” vision. 2031″. This vision aims to enhance the country’s position as a global partner, an attractive and influential economic hub, and increase the country’s domestic non-oil exports to AED 800 billion in the next decade.”

ICEAED’s strategic initiatives have contributed significantly to the promotion of the UAE’s non-oil exports, evidencing strong portfolio growth with gross exposure of AED 9.5 billion by the end of 2023 and covering 1.9 per cent of AED 366 billion in 2022.

Support the AA- rating through Fitch, ECI It is strongly capitalized with AED 250 million in paid-up capital, an additional AED 750 million contributed by its shareholders for growth objectives and has no debt.

ICEInvestments are characterized by high liquidity and prudent allocation to short-term fixed deposits in high credit quality banks based in the UAE.

Etihad Credit Insurance remains committed to the UAE’s ambitious agenda to diversify its economy and boost its stature on the global trade map. Through its innovative set of services, ICE is dedicated to empowering UAE businesses to navigate the complexities of international trade, secure competitive credit conditions and leverage strategic partnerships around the world.

Raja Al Mazrouei, CEO of ECIcommented,

“Fitch Ratings’ ‘AA-‘ rating, for the sixth consecutive year, is more than just an honor; reflects ECI’s stable foundation, its strategic objectives and the important role we play in supporting the UAE’s strategy for economic progress. “This rating underlines our commitment to excellence as we continue to develop and deliver robust trade finance solutions that enable UAE businesses to succeed on a global scale.”

News source: Emirates News Agency


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