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Saudi ICIEC shows enhanced regional knowledge – Moody’s

Saudi ICIEC shows enhanced regional knowledge – Moody’s
ICIEC is a subsidiary of the Islamic Development Bank Group

Mubasher: The ratings of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) of the parent organisation the Islamic Development Bank Group (IDB), support the company in times of financial distress, Moody's Investors Service said in a recent press release.

The ICIEC's Aa3 insurance financial strength (IFS) rating reflects the entity’s strong ability and potentially high willingness of its main shareholders, namely the IDB; holding a credit rating of ‘Aaa’ with a stable outlook, and Saudi Arabia; holding an ‘A1’ credit rating and a stable outlook.

“On a standalone basis, the rating reflects the ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah compatible insurance and reinsurance products, as well as its enhanced regional knowledge base on its experience of operating in the region,” Moody’s concluded.