The ratings awarded to Coface, by Moody's, Fitch, and AM Best reflect its strong financial strength
The main ratings for the Company and its principal operational subsidiary are as follows:
The ratings shown above can be subject to revision or be withdrawn at any moment by the ratings agencies awarding them. None of these ratings represent an indication of past or future performance of Coface shares or debt issued by the Company and should not be used as part of an investment decision. The Company is not responsible for the accuracy and reliability of these ratings.
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.
Coface is rated A2, outlook negative since March 2020
“The A2 insurance financial strength (IFS) rating of COFACE SA's (Coface, Baa1 stable) lead insurance entity, Compagnie Francaise d'Assurance pour le Comm. (the Compagnie) reflects (i) the group's strong position in the global credit insurance industry, (ii) good economic capitalisation, underpinned by Coface's dynamic management of insured exposure and effective underwriting risk monitoring tools, and (iii) good underwriting profitability through-the-cycle, exemplified by the strong profitability reported in 2018 which continued in 2019.”
October 21st 2019 – Credit Opinion – Moody’s
Coface is rated AA- outlook negative since March 2020
The rating agency believes the Group’s capitalisation is based on its moderate multiple of nominal net credit exposure to equity as well as a strong and stable operating leverage (net premiums written to equity) at 0.5x at end-2018. Coface’s S2 ratio was 169% at the same date, above the company’s target range of 140%-160%
July 10th, 2019 – Press Release - Fitch
Coface is rated A (excellent), outlook stable since Feb. 2020
AM Best highlights that these ratings 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”.
24 February, 2020 – Press Release - AM Best