Fitch affirms Coface AA- rating, with an outlook 'stable'
(Thomson Reuters ONE) -
Paris, 8 September 2017 - 6:15 pm
Fitch affirms Coface AA- rating, with an outlook 'stable'
Fitch Ratings affirmed, on September 8(th) 2017, Coface AA- Insurer Financial
Strength (IFS) rating. The outlook is stable.
The AA- IFSR of Coface North America Insurance Company and Coface Re, two other
major insurance operating entities in the group, have also been affirmed, with
outlook stable.
In its press release, the rating agency highlights that this affirmation
"reflects Coface's very strong business profile in credit-insurance, very strong
'capitalization and leverage', and profitability, although earnings were hit by
adverse claims experience in 2016".
According to Fitch, the Group "has strong franchise in credit insurance with a
high level of geographical diversification", which supports its solid business
profile.
The rating agency continues to view the Group's risk management framework as
robust: "This view is based on Coface's modest multiple of nominal net credit
exposure to equity and appropriate reserving, as well as on its Solvency II
position".
As regards to the strategic plan Fit to Win launched last year, "Fitch believes
Coface is on track to achieve its 2019 targets".
Xavier Durand, CEO of Coface, commented:
"This decision highlights Coface's unique and differentiated position in the
market and is a testament to the quality of its teams, risk management
discipline and capital position. We welcome the comments made by Fitch, which
reflect the good execution coming nearly a year after the launch of our Fit to
Win strategic plan, which aims at transforming Coface into the most agile global
trade credit partner in the industry, while evolving to a more efficient capital
model.
We are moving forward the value creation objectives we have set for ourselves
for the next three-year. All our teams are mobilized to provide our clients and
partners worldwide with best-in-class services, supported by a strong balance
sheet."
CONTACTS
MEDIA ANALYSTS / INVESTORS
Monica COULL Thomas JACQUET
T. +33 (0)1 49 02 25 01 T. +33 (0)1 49 02 12 58
monica.coull(at)coface.com thomas.jacquet(at)coface.com
Cécile COMBEAU
T. +33 (0)1 49 02 18 03
cecile.combeau(at)coface.com
FINANCIAL CALENDAR 2017 (subject to change)
9M-2017 results: 25 October 2017, 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 the first half 2017 and 2016
Registration document.
About Coface
Coface, a world-leading credit insurer, offers 50,000 companies around the globe
solutions to protect them against the risk of financial default of their
clients, both on their domestic and export markets. The Group, which aims to be
the most agile global credit insurer in the industry, is present in 100
countries, employs 4,300 people, and posted consolidated turnover of ?1.411
billion in 2016. Coface publishes quarterly country and sector risk assessments
based on its unique knowledge of companies' payment behavior and on the
expertise of its 660 underwriters and credit analysts located close to clients
and their debtors.
www.coface.com
Coface SA. is listed on Euronext Paris - Compartment B
ISIN: FR0010667147 / Ticker: 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 the section 2.4 "Report from the Chairman of the
Board of Directors on corporate governance, internal control and risk management
procedures" as well as chapter 5 "Main risk factors and their management within
the Group" of the Coface Group's 2016 Registration Document filed with AMF on
12 April 2017 under the number No. R.17-016 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.
Fitch affirms Coface AA- IFS rating:
http://hugin.info/161449/R/2132772/815246.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Coface SA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 08.09.2017 - 18:15 Uhr
Sprache: Deutsch
News-ID 559300
Anzahl Zeichen: 6118
contact information:
Town:
Bois-Colombes
Kategorie:
Business News
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