COFACE SA: AM Best upgrades the Long-term Issuer Credit Ratings to ‘a+’ (Excellent) with a stable outlook
Paris, 29 May 2024 – 18.15
The rating agency AM Best, on 29th May 2024, has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to ’a+’ (Excellent) from ‘a’ (Excellent) and affirmed the Financial Strength Rating – IFS rating of A (Excellent) of Compagnie française d’assurance pour le commerce extérieur (la Compagnie), Coface North America Insurance Company (CNAIC) and Coface Re. The outlook for these ratings is “stable”.
In its press release, AM Best highlights that this rating reflects, “Coface group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management”.
This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best’s Capital Adequacy Ratio (BCAR) score.
AM Best also believes that “the group’s prospective performance may be subject to volatility, driven by the uncertain global operating environment. However, the group is able to take prompt risk-mitigating actions on non-performing business when required” and AM Best expects “cross-cycle performance metrics to remain supportive of the strong assessment”.
Last, in its release, the rating agency underscores that this note reflects Coface’s “leading position in the global credit insurance market, which is characterised by high barriers to entry”.
Phalla Gervais, Chief Finance & Risk Officer, commented:
“We are very pleased with the upgrade of the Long-term Issuer Credit Ratings of AM Best from ‘a’ (Excellent) to ‘a+’ (Excellent). This is a great reward to Coface teams for the hard work and the commitment to provide a high level of service to our clients. It also recognizes Coface’s agility and resilience, as well as the quality of its risk management, which are at the heart of our culture, our expertise and our new strategic plan Power the Core”.
CONTACTS
ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Benoît CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com
MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien BILLET: +33 1 49 02 23 6394 – adrien.billet@coface.com
FINANCIAL CALENDAR 2023/2024
(subject to change)
H1-2024 results: 5 August 2024 (after market close)
9M-2024 results: 5 November 2024 (after market close)
FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2023 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
| | Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com. |
| COFACE: FOR TRADE With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group' solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2023, Coface employed ~4,970 people and registered a turnover of €1.87 billion. www.coface.com COFACE SA is quoted in Compartment A of Euronext Paris Code ISIN: FR0010667147 / Mnémonique : COFA |
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group's 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
Attachment
