For the fourth year in a row

Fitch affirms Etihad Export Credit’s rating at AA- “Very Strong”

  • Abdullah bin Touq: "The positive rating reflects the confidence of international institutions and global rating agencies in the UAE in general."

  • The "company" plays an important role in promoting the UAE's non-oil exports.

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“Al Etihad Export Credit”, the credit protection company of the federal government in the country, obtained a rating of the financial strength of insurance and credit capacity at (AA-) “very strong” with a stable outlook from Fitch Ratings Agency, for the fourth year in a row, as it reflects This classification is the role of the company in supporting the diversification of the national economy in the country.

Fitch also affirmed Etihad Export Credit's ability to meet the long-term obligations of the group at (AA-) "Very Strong" with a stable outlook.

important role

And the «Etihad for Export Credit» stated, in a statement yesterday, that it had obtained this classification due to the important role it plays in promoting the UAE's non-oil exports and developing strategic sectors in line with the country's economic agenda, as well as other main factors that supported this classification, foremost of which is The ownership of the company by the UAE government, in addition to the fact that the company has a strong capital, with no debts under its capital structure, in addition to its prudent investments, and its strong reinsurance program;

profitable underwriting.

trust

Abdullah bin Touq Al-Marri, Minister of Economy and Chairman of the Board of Directors of Al Etihad Export Credit Company, said: “This positive rating reflects the confidence of international institutions and global rating agencies in the UAE in general. Foreign markets, in implementation of the vision of the wise leadership, and in line with the objectives and principles of the fifty, and the determinants of the UAE Centennial 2071 ».

protection

For his part, Minister of State for Foreign Trade and Vice Chairman of the Board of Directors of the Etihad Export Credit Company, Dr. Thani bin Ahmed Al-Zeyoudi, said that this achievement reflects the high confidence of the global industry by protecting the UAE-based companies operating in the non-oil sector. Against the risks of non-payment, in addition to supporting small and medium-sized companies, in addition to the union being a contributing partner in a series of national initiatives such as the “300 billion” project and “Make in the Emirates”, which were launched within the fifty projects, with the aim of consolidating the UAE’s position as a center industry leading.

Attractive environment

In turn, the CEO of the company, Massimo Falcioni, praised the efforts of the company's management and all its employees, who contributed significantly to the company's obtaining these very strong ratings for four consecutive years.

He said that these promising ratings work to create an attractive business environment that stimulates investment by facilitating access to financing in reduced installments and without the need to conduct lengthy assessments of credit facilities, which in turn will contribute vitally to creating an effective ecosystem of partnerships that contribute to the prosperity and progress of the country.

Commercial guarantees

Etihad Export Credit Company enhanced the competitiveness of UAE non-oil trade and exports, during the first nine months of 2022, through trade guarantees that exceeded 6.3 billion dirhams, equivalent to 16.6 billion dirhams of non-oil trade to more than 111 countries.

These credit guarantees covered 8.3 billion dirhams in international trade, 8.3 billion dirhams in domestic trade, 1.2 billion dirhams in medium and long-term trade, and 10.6 billion dirhams in risk insurance.

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