Fitch affirms Coface

Fitch Ratings said it affirmed Compagnie francaise d'assurance pour le commerce exterieur’s (Coface France) long-term issuer default rating at A+ and Coface SA's long-term issuer default rating at A+ and short-term issuer default rating at F1.

The outlooks are stable.

“The ratings reflect Coface's very strong business profile in credit insurance, very strong capitalisation and leverage, and recovering profitability, after earnings were hit by adverse claims experience in 2016,” the agency said in a news release.

“Coface is the world's third-largest credit insurer with an estimated market share of 16% in the credit insurance industry. Coface is a specialist insurer but has a strong and diversified franchise in credit insurance, as it operates directly or indirectly in 100 countries and in multiple economic sectors, such as agriculture, natural resources and construction.”

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