PARIS: The rating agency Moody’s, on 10th February 2021, has confirmed the financial strength rating (Insurance Financial Strength – IFS) for Coface at A2.
The agency has also raised the outlook for Coface, which is now stable.
Almost one year since the beginning of the coronavirus pandemic and the associated health and economic crisis, Moody’s has raised the outlook on Coface’s rating to stable. This decision reflects the underwriting actions taken by Coface to improve its risk profile, and increase its resilience to a potential increase in claims in the next 12 to 18 months.
In its press release, the ratings agency underlines that this rating “reflects the group’s good position in the global credit insurance industry, strong economic capitalisation, underpinned by Coface’s dynamic management of insured exposure, and good underwriting profitability through the cycle.”
Carine Pichon, Chief Finance & Risk Officer, commented: “We welcome this improved outlook, which rewards the Coface teams’ work during the coronavirus crisis. It also recognizes Coface’s agility and resilience, which are at the heart of our culture, and our Build to Lead strategic plan.”
With over 70 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Single Risk insurance, Bonding and Information services.
Coface’s experts work to the beat of the global economy, helping ~50,000 clients build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2019, Coface employed ~4,250 people and registered a turnover of €1.5 billion. www.coface.com