Fitch reaffirms ECI’s ratings at 'AA-' with stable outlook for fifth consecutive year

Fitch reaffirms ECI’s ratings at 'AA-' with stable outlook for fifth consecutive year

DUBAI, 10th August, 2023 (WAM) -- Fitch Ratings has reaffirmed Etihad Credit Insurance (ECI), the UAE's Federal export credit company, with an 'AA-' (Very Strong) rating for Insurer Financial Strength (IFS) and Long-Term Issuer Default, both with stable outlooks.

This rating reinforces ECI's financial robustness, pivotal role in the UAE's economic diversification, and its systemic importance in providing insurance to UAE-based businesses and SMEs, particularly in non-oil export and re-export activities.

Abdullah bin Touq Al Marri, Minister of Economy and Chairman of ECI Board of Directors, remarked, "The continual recognition of ECI's 'AA-' rating for five years in a row showcases the international community's confidence in the UAE's economic efficiency. This achievement endorses the forward-looking vision of our wise leadership and the UAE's steadfast commitment to building a diversified and innovative economy.

Such achievements highlight the advanced economic state of the country and underscore the significant role ECI plays in advancing economic diversification strategies and opening new markets for national exports. This direction aligns with our goal to increase non-oil exports to AED800 billion, reflecting the aspirations of the 'We the UAE 2031' vision."

Highlighting the broader implications of this recognition, Raja Al Mazrouei, CEO of ECI, expressed, “This endorsement is a testament to the global trust in the UAE's dynamic economy and ECI's integral role within it. Our robust financial standing, and persistent focus on enhancing the global competitiveness of UAE's exports, have proven instrumental in achieving this rating and is paramount in realising our nation's aspirations.”

In 2022, ECI played a pivotal role in supporting the UAE non-oil trade, which achieved record growth that exceeded AED2.2 trillion by year's end. The company's strategic initiatives included the value of non-oil insured turnover of AED14.4 billion and underwritten exposure worth AED8.1 billion. These vital measures spanned 16 different sectors and reached 106 countries, fostering international collaboration with key partners.