COFACE SA: Moody's raises the outlook for Coface to “stable”
Paris, 11th February 2021 – 07:30
COFACE SA: Moody's raises the outlook for Coface to “stable”
The rating agency Moody’s, on 10th February 2021, has confirmed the financial strength rating (Insurance Financial Strength – IFS) for Coface at A2. The agency has also raised the outlook for Coface, which is now stable.
Almost one year since the beginning of the coronavirus pandemic and the associated health and economic crisis, Moody’s has raised the outlook on Coface’s rating to stable. This decision reflects the underwriting actions taken by Coface to improve its risk profile, and increase its resilience to a potential increase in claims in the next 12 to 18 months.
In its press release, the ratings agency underlines that this rating “reflects the group's good position in the global credit insurance industry, strong economic capitalisation, underpinned by Coface's dynamic management of insured exposure, and good underwriting profitability through the cycle.”
Carine Pichon, Chief Finance & Risk Officer, commented:
“We welcome this improved outlook, which rewards the Coface teams’ work during the coronavirus crisis. It also recognizes Coface’s agility and resilience, which are at the heart of our culture, and our Build to Lead strategic plan.”
| CONTACTS | |
| MEDIA RELATIONS Saphia GAOUAOUI T. +33 (0)1 49 02 14 91 Amélie RIVENET T. +33 (0)7 64 44 65 83 | ANALYSTS / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 Benoit CHASTEL T. +33 (0)1 49 02 22 28 |
FINANCIAL CALENDAR 2020/2021 (subject to change)
Q1-2021 results: 27 April 2021 (after market close)
Annual General Shareholders’ Meeting 2020: 12 May 2021
H1-2021 results: 28 July 2021 (after market close)
9M-2021 results: 28 October 2021 (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:
For regulated information on Alternative Performance Measures (APM),
please refer to our Interim Financial Report for S1-2020 and our 2019 Universal Registration Document.
| Coface: for trade With over 70 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group's services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2019, Coface employed ~4,250 people and registered a turnover of €1.5 billion. 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 2019 Universal Registration Document filed with AMF on 16 April 2020 under the number D.20-0302 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.
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