COFACE SA: Moody's upgrades Coface's main operating company to A1 IFSR, stable outlook
28 September 2023 - 6:30PM
COFACE SA: Moody's upgrades Coface's main operating company to A1
IFSR, stable outlook
COFACE SA: Moody's
upgrades Coface's main operating company to A1
IFSR, stable outlook
Paris,
28 September
2023 – 18.30
The rating agency Moody’s, on
28th September
2023, has
upgraded the financial strength rating
(Insurance Financial Strength Rating
– IFSR) for
Coface to A1 from A2. The agency
has also changed the outlook for Coface
to stable from
positive.
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.”
In addition, Coface’s profitability has been
very strong in the last five years, with an average combined ratio
of 71% between 2018 and 2022.
Moody’s also believes that, since 2016, “the
group has improved its risk monitoring processes and it has been
more proactive to adjust its risk portfolio. Even if earnings
volatility will remain a feature of the credit insurance industry,
Moody's expects volatility to remain moderate.”
Last, in its outlook, the rating agency
underscores that this “stable outlook reflects Moody's expectation
that Coface will maintain a Solvency II ratio above 180%, a
leverage ratio below 30% and that the group will not increase
meaningfully its underwriting or asset risk appetite.”
Phalla Gervais, Chief Finance & Risk
Officer, commented:
“We are very pleased with the upgrade from
Moody’s to A1. This rewards Coface teams’ work and recognizes the
high level of service offered to our clients. It also recognizes
Coface’s agility and resilience, as well as the quality of its risk
management, which are at the heart of our culture and expertise.
Coface is on track to deliver its Build to Lead strategic plan and
is actively preparing the next chapter that will be presented on
5th March 2024.”
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.comAdrien BILLET: +33 1
49 02 23 63 – adrien.billet@coface.com
FINANCIAL CALENDAR
2023/2024(subject
to change)9M-2023 results: 14 November 2023 (after
market close)Investor Day: 5 March 2024 (Paris)
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 H1-2023 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.
- 2023 09 28 PR Moody's upgrades Coface's main operating company
to A1
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