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05 December 2019

AA- ratings affirmed for ECI, stable outlook

The rating confirms the federal export credit company’s strong financial position and its capability to protect the UAE’s exporters and investors in the international marketplace.

Abu Dhabi/Bloomberg

by Kudakwashe Muzoriwa

Fitch 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”.







RELATED STORIES: Fitch Ratings Etihad Credit Insurance





CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.

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