Coface Ratings

Coface is followed by three financial ratings agencies.

Insurer financial strength

The ratings awarded to Coface by Moody's, Fitch and AM Best reflect its strong financial strength

The Company and some of its subsidiaries are assessed by well-known ratings agencies. 

The Company rating can vary from agency to agency.

Each category in the first column groups several agencies
Insurer financial strengthAgencyRatingOutlook
Compagnie française d’assurance pour le commerce extérieur and its branches Fitch AA-


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

Moody's A1


Coface is rated A1, outlook stable since September 2023

In its press release, Moody’s highlights that this rating reflects “the increasing diversification of the group and the enhanced monitoring and improved management of credit risk exposures, which Moody's expects to result in lower volatility in profits and make the insurer better placed to weather an economic downturn. The upgrade also reflects the good capitalisation level maintained by the group since 2020 and the improvement in asset quality.”

28 September 2023 – Press release – Moody’s

AM Best A


Coface is rated A (excellent), outlook stable since Feb. 2020

UK : 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.

22 May 2023 – Press Release - AM Best


Rating for COFACE SA debt

Each category in the first column groups several agencies
Rating for COFACE SA debtAgencyRatingOutlook
Rating for COFACE SA Debt - Short-term counterparty risk rating (commercial paper) Moody's P-2 Stable
Fitch F1 Stable
Rating for COFACE SA Debt - Long-term counterparty risk rating Fitch A+ Stable
Moody's A3 Stable

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.

Subordinated notes

Each category in the first column groups several agencies
Subordinated notes - due March 27th 2024 Fitch A-
Moody's Baa1
Subordinated Tier 2 notes - due 22 September 2032 Fitch BBB+
Moody's Baa2
Subordinated Tier 2 notes - due November 28th 2033 Moody's Baa1
Fitch BBB+

Les notes indiquées ci-dessus peuvent être révisées ou retirées à tout moment par les agences de notation qui les ont attribuées. Aucune de ces notations ne représente une indication de la performance passée ou future des actions Coface ou de la dette émise par la Société et ne doit être utilisée dans le cadre d'une décision d'investissement. La société n'est pas responsable de l'exactitude et de la fiabilité de ces notations.