Ratings
The ratings awarded to Coface, by Moody's, Fitch, and AM Best reflect its strong financial strength
The main ratings for the Company and its principal operational subsidiary are as follows:
The ratings shown above can be subject to revision or be withdrawn at any moment by the ratings agencies awarding them. None of these ratings represent an indication of past or future performance of Coface shares or debt issued by the Company and should not be used as part of an investment decision. The Company is not responsible for the accuracy and reliability of these ratings.
1 COFACE SA is the holding company of the Coface Group. As a decision-making and management body, COFACE SA is a non-operational holding company and plays a vital financial role in the Coface Group, performing management, financing and advisory activities for its subsidiaries. The principal operating subsidiary of the Coface Groupe is Compangie française d’assurance pour le commerce extérieur.
Coface is rated A2, outlook positive since October 2022
In its press release, Moody’s highlights that this rating reflect “Coface strong capitalisation, good profitability and limited exposure to Russia. Coface has consistently maintained a group’s solvency ratio above 190% since 2020 and the ratio has a low sensitivity to financial and macroeconomic shocks. This low sensitivity was reinforced by recent improvements in the group’s asset quality.”
11 October 2022 – Press release – Moody’s
Coface is rated AA- outlook stable since April 2021
In Fitch’s press release, the agency rating recognizes Coface’s “very strong, well established and diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “inflation is supportive of the company’s growth in revenues, which are based on client’s turnover and therefore largely linked to inflation”.
23 November 2022 – Press release - Fitch
2022 11 23: Fitch Press release
Coface is rated A (excellent), outlook stable since Feb. 2020
AM Best highlights that this rating reflect “Coface group’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate 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.
7 April 2022 – Press Release - AM Best