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

LONDON–(BUSINESS WIRE)–A.M. Best has commented that the Financial Strength Ratingof A (Excellent) and the Long-Term Issuer Credit Rating of “a” of themain rated operating subsidiaries of Atradius N.V. (Atradius)(Netherlands), the non-operating holding company of the Atradius groupof companies, remain unchanged. Additionally, the Long-Term Issue CreditRating of “bbb-” on the EUR 250 million 5.25% subordinated fixed tofloating guaranteed notes due 2044, issued by Atradius Finance B.V.and guaranteed by Atradius, also remains unchanged. The outlook on allCredit 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 AtradiusCrédito y Caución S.A. de Seguros y Reaseguros (ACyC) (Spain) on 30December 2016.

Under the new organisation structure, ACyC (formerly known as CompañíaEspañola de Seguros y Reaseguros de Crédito y Caución S.A.U.) willcontinue to underwrite the group’s European business under a singleentity and will benefit from a single regulatory environment andgovernance framework. No impact is expected to Atradius’ existingbusiness model, its established brands or the consolidated financialposition. Furthermore, Grupo Catalana Occidente S.A. (Spain), themajority shareholder of Atradius, remains committed to maintaining thecapitalisation of the main rated operating entities of Atradius at anexcellent level, with no deterioration in their financial or operationalindependence.

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

This press release relates to Credit Ratings that have been publishedon A.M. Best’s website. For all rating information relating to therelease and pertinent disclosures, including details of the officeresponsible for issuing each of the individual ratings referenced inthis release, please see A.M. Best’s RecentRating Activity web page. For additional informationregarding the use and limitations of Credit Rating opinions, please view UnderstandingBest’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurancerating and information source. For more information, visit

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or itssubsidiaries. ALL RIGHTS RESERVED.

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