Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook
09 November 2023 - 6:03PM
Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook
Fitch affirms Coface AA- rating, with
‘stable’ outlook
Paris, 9 November 2023 –
18.00
The rating agency Fitch, on 9 November
2023, affirmed Coface AA- Insurer Financial Strength (IFS) rating.
The outlook remains stable.
Fitch has also affirmed Coface SA's Long-Term
Issuer Default Rating (IDR) at 'A+', with a stable outlook.
The rating action reflects “Coface’s very strong
company profile and capitalization, as well as a strong
profitability through the cycle”. The stable outlook reflects
Fitch’s view that “Coface continues to maintain sufficient rating
headroom to withstand weaker macro-economic conditions and rising
corporate default risk over the next 12-24 months”.
In Fitch’s press release, the rating agency
recognizes Coface’s “very strong, well established and
geographically diversified franchise in the global trade credit
insurance sector”. Fitch highlights also that “Factoring,
information services and other fee-based activities enhance
Coface’s business diversification”.
Fitch views Coface’s financial performance “as
strong across the economic cycle, underpinned by underwriting
profitability and effective risk management and reinsurance”.
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 11 09 PR Fitch affirms Coface AA- rating
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