COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook
22 Mai 2023 - 8:30AM
COFACE SA: AM Best affirms Coface’s main operating subsidiaries
rating at A (Excellent) with a stable outlook
COFACE SA: AM Best affirms Coface’s main
operating subsidiaries rating at A (Excellent)
with a stable outlook
Paris, 22
May 2023
–
08.30
The rating agency AM Best affirmed
on 19 May 2023 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 reflects, “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 believes that “the group’s
prospective performance may be subject to volatility, driven by the
uncertain global operating environment. However, the group is able
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 / INVESTORSThomas
JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.comBenoît
CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com
MEDIA RELATIONSSaphia GAOUAOUI:
+33 1 49 02 14 91 – saphia.gaouaoui@coface.comCorentin HENRY: +33 1
49 02 23 94 - corentin.henry@coface.com
FINANCIAL CALENDAR
2023(subject
to change)Q1-2023 results: 25 May 2023 (after
market close)H1-2023 results: 10 August 2023 (after market
close)9M-2023 results: 14 November 2023 (after market close)
FINANCIAL INFORMATIONThis 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 H1-2022 and our 2022 Universal Registration Document
(see part 3.7 “Key financial performance indicators”).
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COFACE: FOR TRADEWith over 75 years of
experience and the most extensive international network, Coface is
a leader in trade credit insurance & risk management, and a
recognized provider of Factoring, Debt Collection, Single Risk
insurance, Bonding, and Information Services. Coface’s experts work
to the beat of the global economy, helping ~50,000 clients in 100
countries build successful, growing, and dynamic businesses. With
Coface’s insight and advice, these companies can make informed
decisions. The Group' solutions strengthen their ability to sell by
providing them with reliable information on their commercial
partners and protecting them against non-payment risks, both
domestically and for export. In 2022, Coface employed ~4,720 people
and registered a turnover of €1.81
billion. www.coface.com COFACE SA is quoted in
Compartment A of Euronext ParisCode 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 2022 Universal Registration Document filed with AMF on 6
April 2023 under the number D.23-0244 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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