Etihad Credit Insurance receives AA- rating with stable outlook from Fitch Ratings
H.E. Abdullah bin Touq: 'Under the guidance of its wise leadership, the UAE has evolved into a strong and diversified economy. ECI's favourable ratings from Fitch thereby enhance business confidence in the national economy. With this new accomplishment, the UAE also solidifies its position as a global centre for trade and business, reflecting our country's efforts to create a competitive environment for exporters and importers.'
Etihad Credit Insurance (ECI), the UAE's Federal Export Credit company, has secured an Insurer Financial Strength (IFS) Rating of 'AA-' (Very Strong) and Long-Term Issuer Default Rating (IDR) of 'AA-' with Stable Outlooks from Fitch Ratings, a leading provider of credit ratings, commentary, and research for global capital markets.
This prestigious rating underscores ECI's pivotal role in accelerating the UAE's economic diversification and reinforcing its global trade leadership. It also aligns with the Long-Term IDR of the United Arab Emirates (UAE; AA-/Stable), reflecting the UAE's robust economic policies and strategic initiatives to foster a dynamic, future-ready economy.
H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of Etihad Credit Insurance, affirmed that the UAE, driven by the guidance of its wise leadership, has grown into a strong economy that relies on diverse resources and is capable of adapting to global changes. According to H.E., the nation has adopted flexible and proactive economic policies and strategies, that have been instrumental in promoting the competitiveness of national products in foreign markets, encouraging economic accessibility to the world, building meaningful partnerships with numerous regional and international markets, and increasing the non-oil sector's contribution to the national GDP by 75 per cent.
Praising ECI's high credit rating, H.E. Bin Touq said: 'ECI's favourable rating from Fitch ratings demonstrates the confidence of business communities in the national economy, and promotes its reputation regionally and globally, thereby consolidating the country's position as a leading hub for business and trade. In keeping with the 'We the UAE 2031' initiative, which aims to increase the country's GDP to AED 3 trillion by the next decade and increase non-oil exports to AED 800 billion, the latest milestone highlights our national efforts to strengthen the company's crucial role in creating a competitive environment for exporters and importers, while helping increase the momentum of export and re-export activities of UAE-based companies.'
Many factors have contributed to ECI's latest milestone, including government support, especially as the UAE's federal export credit agency, coupled with its capital strength and the absence of any financial constraints. Other key determinants also included the company's robust reinsurance program, its unparalleled expertise in the field, and the capacity to insure the risks associated with UAE foreign trade.
H.E. Raja Al Mazrouei, CEO of ECI, underlined that this rating is one of the highest rates offered by specialised agencies, making it a new gauge of the company's financial performance and risk tolerance strength. This success, Her Excellency said, is the outcome of ECI's strategic roadmap, which aims to increase the volume of credit assistance provided to manufacturers and exporters. 'The AA-rating further helps ECI provide its services and solutions more effectively worldwide, boosts national export competitiveness, and makes it easier for Emirati products to reach targeted global markets,' H.E. Al Mazrouei added.
Since its inception, Etihad Credit Insurance has played a crucial role in supporting the national economy and non-oil foreign trade. By enabling local trade and manufacturing activities, empowering entities with tools to protect against trade and political risks, reducing the cost of trade financing, facilitating project financing, and allowing access to trade financing solutions and international markets, ECI continues to advance national economic goals with its broad portfolio of comprehensive services.
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