Research Update: Coface Group 'A' Ratings Affirmed Despite Worsening Financial Profile, Reflecting Parental Support; Outlook Stable Oct 09
Standard & Poors, October 2009
Abstract
French credit insurance group Coface's financial profile deteriorated sharply during 2009 because of the current economic crisis. We are nevertheless affirming the 'A' long-term and insurer financial strength ratings on Coface, as we factor into our rating an additional two notches of support from its parent Natixis. The stable outlook reflects our expectation that Coface will maintain its strong competitive position in the credit insurance market. On Oct. 1, 2009, Standard & Poor's Ratings Services affirmed its 'A' long-term counterparty credit and insurer financial strength ratings on the core operating entities of French credit insurance group Coface. The core entities are France-based Coface S.A., Germany-based Coface Kreditversicherung AG, Italy-based Coface Assicurazioni SpA, U.S.-based Coface North America Insurance Co., Austria-based Coface...
Companies mentioned in this report are:
- Coface S.A.
- Natixis S.A.
- Coface Kreditversicherung AG
- Coface Austria Kreditversicherung AG
- Coface Assicurazioni SpA
- Coface Finanz GmbH
- Coface North America Insurance Co.
Action: Affirmed
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Coface S.A.
- Natixis S.A.
- Coface Kreditversicherung AG
- Coface Austria Kreditversicherung AG
- Coface Assicurazioni SpA
- Coface Finanz GmbH
- Coface North America Insurance Co.
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