Moody's assigns first-time IFSR of Aa3 to ICIEC
Moody's released on 14 April that Moody's assigns first-time IFSR of Aa3 to ICIEC with stable outlook stable outlook.
The Corporation was established in 1994 at Jeddah, Saudi Arabia. ICIEC provides export credit insurance and re-insurance for exports emanating from its member countries, to anywhere in the world, to cover the non-payment of export receivables resulting from commercial or non commercial risks.
ICIEC is a member of the Islamic Development Bank Group (IDB, rated Aaa by Moody's), which holds 51% of ICIEC's issued shares through its waqf fund, a special fund established by IDB.
Moody's notes that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries.
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