Press Release - FEBRUARY 03, 2017

A.M. Best Comments on Credit Ratings of Atradius N.V. Following Merger of European Subsidiaries


CONTACTS:
 Nicola Gaisford
Senior Financial Analyst
+44 20 7397 0306
nicola.gaisford@ambest.com

Deniese Imoukhuede
Associate Director, Analytics
+44 20 7397 0277
deniese.imoukhuede@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - FEBRUARY 03, 2017
A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of the main rated operating subsidiaries of Atradius N.V. (Atradius) (Netherlands), the non-operating holding company of the Atradius group of companies, remain unchanged. Additionally, the Long-Term Issue Credit Rating of “bbb-” on the EUR 250 million 5.25% subordinated fixed to floating guaranteed notes due 2044, issued by Atradius Finance B.V. and guaranteed by Atradius, also remains unchanged. The outlook on all Credit Ratings (ratings) is stable.

A.M. Best withdrew the ratings of Atradius Credit Insurance N.V. (ACI) (Netherlands) following the completed merger between ACI and Atradius Crédito y Caución S.A. de Seguros y Reaseguros (ACyC) (Spain) on 30 December 2016.

Under the new organisation structure, ACyC (formerly known as Compañía Española de Seguros y Reaseguros de Crédito y Caución S.A.U.) will continue to underwrite the group’s European business under a single entity and will benefit from a single regulatory environment and governance framework. No impact is expected to Atradius’ existing business model, its established brands or the consolidated financial position. Furthermore, Grupo Catalana Occidente S.A. (Spain), the majority shareholder of Atradius, remains committed to maintaining the capitalisation of the main rated operating entities of Atradius at an excellent level, with no deterioration in their financial or operational independence.

After taking into account the current terms of the transaction, Atradius’ rating fundamentals remain supportive of the current rating level.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

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