Financial Strength Ratings & Solvency

The Ratings Awarded To Coface, By MOODY'S, FITCH, AND AM BEST Reflect It's Strong Financial Strength


The Ratings Awarded To Coface, By Moody's, Fitch, And Am Best Reflect Its Strong Financial Strength

The Company and some of its subsidiaries are assessed by well-known ratings agencies. The Company rating can vary from agency to agency.
The main ratings for the Company and its principal operational subsidiary are as follows:

The ratings shown above can be subject to revision or be withdrawn at any moment by the ratings agencies awarding them. None of these ratings represent an indication of past or future performance of Coface shares or debt issued by the Company and should not be used as part of an investment decision. The Company is not responsible for the accuracy and reliability of these ratings.
1 COFACE SA is the holding company of the Coface Group. As a decision-making and management body, COFACE SA is a non-operational holding company and plays a vital financial role in the Coface Group, performing management, financing and advisory activities for its subsidiaries. The principal operating subsidiary of the Coface Groupe is Compangie française d’assurance pour le commerce extérieur.


“The A2 insurance financial strength (IFS) rating of COFACE SA's (Coface, Baa1 stable) lead insurance entity, Compagnie Francaise d'Assurance pour le Comm. (the Compagnie) reflects (i) the group's strong position in the global credit insurance industry, (ii) good economic capitalisation, underpinned by Coface's dynamic management of insured exposure and effective underwriting risk monitoring tools, and (iii) good underwriting profitability through-the-cycle, exemplified by the strong profitability reported in 2018 which continued in 2019.”


In Fitch’s press release, the rating agency highlights that “Coface’s business profile has remained stable through the crisis, benefitting from its strong franchise in the global trade credit insurance sector” and that “the company was able to reduce and rebalance its insured risk exposure, while increasing new business and client retention rates to record levels”.


From AA to CC, the Fitch ratings may be accompanied by a (+) or (-) modifier to specify the “rating notches”. These notches can be attached to each grade.


AM Best highlights that this rating “reflects Coface’s balance sheet strength, which AM Best assesses as “very strong”. This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best’s Capital Adequacy Ratio (BCAR) score.AM Best also acknowledges that despite deteriorated economic conditions, Coface has reported good technical results in 2020 with a net combined ratio at 79.8%


Each Best’s Financial Strength Rating Category from A+ to C includes a Rating Notch to reflect a gradation of financial strength with the category. A Rating Notch is expressed with either a second plus “+” or a minus “-“


For more information on the above ratings, please visit


All reported solvency figures are shown in millions of Euros