Abu Dhabi/Bloomberg
by Kudakwashe MuzoriwaFitch Ratings has affirmed its AA- insurance financial strength (IFS) rating and an issuer default rating (IDR) rating of UAE’s Etihad Credit Insurance (ECI), with a stable outlook.
The federal export credit company plays a significant role in the promotion of UAE’s non-oil exports, trade as well as investments and strategic sectors development in line with the economic agenda of UAE’s vision 2021, said Fitch.
Massimo Falcioni, the CEO of Etihad Credit Insurance said that the ratings provide confidence in the capability of the company to protect UAE-based exporters and investors while pursuing their expansion plans and export trade financing.
According to Fitch total insured exposure is expected to reach AED 109 million at the end 2019 with total paid-in capital at AED 250 million and a AED 750 million committed by shareholders.”
Fitch added that ECI’s investments are ‘highly liquid’ and ‘prudently allocated’ while its reinsurance panel is ‘strong and well diversified mainly comprising companies rated ‘A’ and above”.
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