Fitch affirms Coface AA- rating, with an outlook #stable

Stocks and Financial Services Press Releases Tuesday September 12, 2017 17:07
Bangkok--12 Sep--Coface
Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.
The AA- IFSR of Coface North America Insurance Company and Coface Re, two other major insurance operating entities in the group, have also been affirmed, with outlook stable.

In its press release, the rating agency highlights that this affirmation "reflects Coface's very strong business profile in credit-insurance, very strong 'capitalization and leverage', and profitability, although earnings were hit by adverse claims experience in 2016".

According to Fitch, the Group "has strong franchise in credit insurance with a high level of geographical diversification", which supports its solid business profile.

The rating agency continues to view the Group's risk management framework as robust: "This view is based on Coface's modest multiple of nominal net credit exposure to equity and appropriate reserving, as well as on its Solvency II position".

As regards to the strategic plan Fit to Win launched last year, "Fitch believes Coface is on track to achieve its 2019 targets".
Xavier Durand, CEO of Coface, commented:

"This decision highlights Coface's unique and differentiated position in the market and is a testament to the quality of its teams, risk management discipline and capital position. We welcome the comments made by Fitch, which reflect the good execution coming nearly a year after the launch of our Fit to Win strategic plan, which aims at transforming Coface into the most agile global trade credit partner in the industry, while evolving to a more efficient capital model.

We are moving forward the value creation objectives we have set for ourselves for the next three-year. All our teams are mobilized to provide our clients and partners worldwide with best-in-class services, supported by a strong balance sheet."


Latest Press Release

Poland-Based Debt Purchaser GetBack S.A. Outlook Revised To #B/B# Ratings Affirmed

MOSCOW (S&P Global Ratings) Feb. 19, 2018--S&P Global Ratings said today that it has revised its outlook on Poland-based distressed-debt purchaser GetBack S.A. to positive from stable. At the same time, we affirmed our 'B' long-term and 'B'...

Trade/Project Financier, Bachmann Welser To Launch USD 2 billion Project Finance Fund

Global Trade/Project Financier, Bachmann & Welser will launch a USD 2 billion Project finance fund in March 2018 with funds that will be backed by several private and institutional investors. (Logo:...

Photo Release: SCB and Thaioil toast first long-term financing for project investment and development in Vietnam

To constantly help clients expand to overseas markets, Siam Commercial Bank (SCB) is supporting Top Solvent (Vietnam) Liability Co., Ltd., a company under Thaioil Group, with a long-term loan of 310,791 million VND for project investment and development...

Photo Release: Maybank Kim Eng signs MOU with Stamford International University

Mr. Sukit Udomsirikul, Managing Director and Head of Research Department, Maybank Kim Eng Securities (Thailand) Public Company Limited and Dr. Andrew Scown, President of Stamford International University signed a Memorandum of Understanding (MOU) which...

KTC PROUD members rejoice!! Register today for 1 billing cycle interest and usage fee exemption.

"KTC" or Krungthai Card Public Company Limited, organizes the "2-get-1" campaign, providing value-oriented Thais with special privileges for their necessities, and to lighten the familial load in various forms, in order to prepare for every financial...

Related Topics