COFACE SA: AM Best upgrades the Long-term Issuer Credit Ratings to ‘a+’ (Excellent) with a stable outlook
29 Maio 2024 - 1:15PM
COFACE SA: AM Best upgrades the Long-term Issuer Credit Ratings to
‘a+’ (Excellent) with a stable outlook
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 / INVESTORSThomas
JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.comBenoît
CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com
MEDIA RELATIONSSaphia GAOUAOUI:
+33 1 49 02 14 91 – saphia.gaouaoui@coface.comAdrien 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 INFORMATIONThis 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”).
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COFACE: FOR TRADEWith 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 ParisCode
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.
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