Moody's upgrades Grupo Catalana Occidente's ratings in the credit insurance business to A2, with a positive outlook

"The change from a stable to a positive outlook reflects the improvements of Atradius in risk profile over the last five years, highlighting its geographical diversification, good returns and increase in capital."

Moody's has awarded an A2 rating to Grupo Catalana Occidente's main operating companies in credit insurance, where it operates through Atradius (Atradius Crédito y Caución and Atradius Re), upgrading its outlook from stable to positive.

The rating agency has assessed Atradius' performance in commercial risk over the last five years, highlighting its geographical diversification, good returns, capital increase and limited exposure in Russia. In this regard, geographical diversification improved thanks to a lower concentration in Spain and Portugal, jurisdictions that have traditionally seen more commercial credit insurance claims than many other European countries.

The assessment also took into account the combined low ratio reported in the last twelve months by Atradius, with a prudent level of reserves, supported by an extremely benign credit cycle. In addition, it is strengthened with a Solvency II ratio that has exceeded 200% since 2019, bolstered by profitable growth in the business, backed by good results, a moderate dividend policy, as well as controlled growth in risk exposure and prudent risk underwriting.