Credit rating agency S&P Global Ratings has affirmed the long-term issuer credit and financial strength rating of ‘AA-‘ for Islamic Investment and Export Credit Insurance Corporation (ICIEC), a Shariah-based multilateral insurance company and a member of the Islamic Development Bank Group.
The outlook for these ratings is stable, with ICIEC retaining its position as the world’s highest-rated peer agency for the third consecutive year.
The outlook reflects S&P’s expectation that the group will continue its mandate-driven growth while maintaining strong capital and liquidity positions.
The reaffirmation reflects ICIEC’s strong credit fundamentals, supported by its solid financial strength, low-risk profile, and S&P’s confidence in its solid capital adequacy, sound risk management framework, superior liquidity and continued financial performance.
S&P maintains ICIEC’s corporate risk profile at Strong (A+) and financial risk profile at Very Strong (top AA+), supported by 99.99% confidence in capital adequacy, prudent governance, strong shareholder support and preferred creditor treatment (PCT).
Additionally, ICIEC’s exposure to ongoing geopolitical developments in the Middle East remains limited and diversified, with strong capital buffers and reinsurance support sufficient to absorb potential volatility and claims, according to the ratings agency.
Finally, the company’s business prospects remain resilient, supported by its core markets in Africa, Asia and Central Asia, particularly in the area of ​​PCT-backed investment guarantees.
In a press release, ICIEC expressed its gratitude to its member states, Board Chairs and members, all stakeholders for their continued support, and its dedicated staff.
