LONDON--(BUSINESS WIRE)--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.
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