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Wednesday 29 August, 2018

Coface SA

Coface SA : Fitch affirms Coface AA- rating, with an outlook 'stable'

Coface SA : Fitch affirms Coface AA- rating, with an outlook 'stable'

Paris, 29 august 2018 - 17h45

Fitch affirms Coface AA- rating, with an outlook 'stable'

Fitch Ratings affirmed, on August 29th 2018, Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

The AA- IFS ratings of Coface North America Insurance Company and Coface Re, two other major insurance operating entities of the Group, have also been affirmed with a stable outlook.

In Fitch's 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 recovering profitability, after earnings were hit by adverse claims experience in 2016".

The rating agency believes the Group's capitalisation is strong and its risk management framework is robust: "This view is based on Coface's moderate multiple of nominal net credit exposure to equity and appropriate reserving. At end-June 2018, Coface's Solvency II ratio was 163%, above the company's target range of 140%-160%".

As regards to the strategic plan Fit to Win launched in September 2016, "Fitch views positively Coface's "Fit to Win" strategic plan, which is well on track(.) In 2017, Coface executed its strategic plan, repriced business and enhanced risk selection".



CONTACTS

 
MEDIA RELATIONS

 

Monica COULL
T. +33 (0)1 49 02 25 01
monica,[email protected],com

 

Maria KRELLENSTEIN
T. +33 (0)1 49 02 16 29
maria,[email protected],com

 
ANALYSTS / INVESTORS

 

Thomas JACQUET
T. +33 (0)1 49 02 12 58
thomas,[email protected],com

 

Ana Cecilia URIBE ARCE DE BREANT
T. +33 (0)1 49 02 22 40
[email protected],com

 

FINANCIAL CALENDAR 2018 (subject to change)
9M-2018 results: 24 October 2018, 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 S1-2018 and our 2017 Registration Document.

Coface: for trade - Building business together
70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy.  With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface's experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group's services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2017, Coface employed ~4,100 people and registered turnover of
€1.4 billion.

www,coface,com

 
  

COFACE SA is quoted in Compartment A of Euronext Paris
Code 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 2017 Registration Document filed with AMF on 5 April 2018 under the number No. D.18-0267 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




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


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