About Dhaman


Credit Rating for The Arab Investment and Export Credit Guarantee Corp. (Dhaman) for 2019


On March 28, 2019, S&P Global Ratings lowered its long-term issuer and financial strength credit ratings on The Arab Investment and Export Credit Guarantee Corp. (Dhaman) to ‘AA-‘ from ‘AA’, under the revised criteria for Multilateral Lending Institutions (MLIs) issued in December 2018; while affirming Dhaman’s stable outlook.


The recent rating review on Dhaman is based on both its strong enterprise risk profile and strong financial risk profile, sighting that even as insured commitments increase, S&P expects Dhaman to continue to maintain an extremely strong capitalization at the ‘AAA’ level (under S&P model), as well as an exceptional liquidity position as supported by Dhaman’s investment policy. The report stated that liquidity represents a significant rating strength relative to peers.


The rating agency highlighted that although they considered Dhaman’s risk management framework to be conservative and appropriate for its needs; however, it lacked some of the features demonstrated by some of the Corporation’s more-advanced peers, as assessed under S&P’s latest criteria; hence the downgrade was based on the classification of Dhaman’s governance and risk management framework as adequate.


The stable outlook reflects S&P’s expectation that Dhaman will continue to expand its business, especially in areas where commercial insurers are not active or have a reduced presence, while maintaining robust capital and liquidity positions.



spRating Report 2019 (PDF)                           
spRating Brochure (PDF) 

Standard & Poor’s Ratings for Previous Years:

sp2 Report : 2018

sp2 Report : 2017

sp2 Report : 2016

sp2 Report : 2015

sp2 Report : 2014

sp2 Report : 2013

sp2 Report : 2012

sp2 Report : 2011

sp2 Report : 2010

sp2 Report : 2009

sp2 Report : 2008

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