Moody's improve the GCO's (Grupo Catalana Occidente) rating in the credit insurance business to A1, with a stable outlook

"The new rating reflects the financial strength demonstrated by Atradius, as well as its performance in the commercial risk profile over the last five years."

Moody's has granted an A1 rating to GCO's main operating companies in credit insurance, where it operates through Atradius. With this new rating, Atradius consolidates its positive evolution in terms of solvency and financial strength.

Specifically, on this occasion, Moody's has highlighted the conservative balance sheet maintained by Atradius over the last five years, which has been reflected in its strong capitalisation, prudent reserves and its conservative policies in asset allocation.

The rating agency has also pointed out that Atradius has a sound underwriting policy, a gradually reduced concentration risk, especially in Spain, and that it has improved its geographical diversification. It also positively assessed that the entity has maintained a Solvency II ratio of over 200% since the introduction of Solvency II and expects it to continue to maintain a very strong solvency level in the next 12 to 24 months even in a complex macroeconomic environment.

Positive assessments in traditional and credit business

Last July, the rating agency A.M. Best renewed the Rating of A (Excellent) and the stable outlook of GCO's main operating entities in traditional business and credit insurance. A rating that highlighted its balance sheet strength and the appropriate enterprise risk management, as well as its robust operating performance.