• COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook

    Source: Nasdaq GlobeNewswire / 07 Apr 2022 12:00:00   America/New_York

    COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook

    Paris, 7 April 2022 – 18.00

    The rating agency AM Best affirmed on xx April 2022 the A (Excellent) Insurer Financial Strength – IFS rating 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 remain “stable”.

    In its press release, 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.

    AM Best also acknowledges that “the group’s operating performance is expected to remain at an adequate level over the medium term, supported by management’s ability to take prompt risk-mitigating actions on non-performing business when required”.

    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”.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Benoît CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Corentin HENRY: +33 1 49 02 23 94 - corentin.henry@coface.com

    FINANCIAL CALENDAR 2021/2022
    (subject to change)
    Q1-2022 results: 28 April 2022 (after market close)
    Annual General Shareholders’ Meeting 2021: 17 May 2022
    H1-2022 results: 28 July 2022 (after market close)
    9M-2022 results: 27 October 2022 (after market close

    FINANCIAL INFORMATION
    This 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 S1-2021 and our 2021 Universal Registration Document (see part 3.7 “Key financial performance indicators”)

     

    COFACE: FOR TRADE
    With 75 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 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

    www.coface.com




    COFACE SA is quoted in Compartment A of Euronext Paris
    Code 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 2021 Universal Registration Document filed with AMF on 6 April 2022 under the number D.22-0244 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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