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Fitch affirms Coface's IFS at 'AA-'

By BFN News | 02:37 PM | Thursday 15 November, 2012

Fitch Ratings has affirmed the Coface group's major insurance entity, Coface SA's insurer financial strength rating at 'AA-'. The agency has also affirmed Coface SA's long-term issuer default rating at 'A+'. The outlooks on all ratings are stable. Coface SA's short-term IFS rating has also been affirmed at 'F1+'. Coface Holding SAS's long-term IDR of 'A' and short-term IDR of 'F1' have also been affirmed. The affirmations reflect Coface's strong worldwide franchise, its high capital levels with shareholder funds totalling �?¬1.5bn at end-2011 and its solid underwriting performance as reflected in Fitch's calculated net combined ratio at 89% in 2011, improving to 83% in the first half. Story provided by