Arab Investment and Export Credit Guarantee Corporation (Dhaman) Outlook Revised To Stable From Negative; ‘AA’ Affirmed.
Overview
• Arab Investment and Export Credit Guarantee Corporation (Dhaman) has received most overdue capital payments from shareholders related to the 2013 increase, and, although the payments are not in line with the initial timetable, we do not think this reflects weakening support for Dhaman.
• Additionally, to address undershooting business targets, Dhaman has stepped up efforts to diversify into new markets and geographies and revised down growth expectations, given the heightened operating risks in the region.
• We are therefore revising our outlook on Dhaman to stable from negative and affirming our ‘AA’ ratings.
• The stable outlook reflects our expectation that Dhaman will maintain its very strong business profile and strong financial profile, with very strong capital and earnings.