Fitch affirms Coface AA- rating, with ‘stable’ outlook
Paris, 23 November 2022 – 18.00
The rating agency Fitch, on 23 November 2022, 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 weather rising corporate default risk in the current recessionary economic environment”.
In Fitch’s press release, the agency rating recognizes Coface’s “very strong, well established and diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “inflation is supportive of the company’s growth in revenues, which are based on client’s turnover and therefore largely linked to inflation”.
Fitch views Coface’s financial performance “as strong across the economic cycle, underpinned by underwriting profitability and effective risk management and reinsurance”.
FINANCIAL CALENDAR 2022/2023
(subject to change)
FY-2022 results: 16 February 2023 (after market close)
Annual General Shareholders’ Meeting 2022: 16 May 2023
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2022 and our 2021 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
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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 2021 Universal Registration Document filed with AMF on 6 April 2022 under the number D.22-0244 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.