Announcement of Periodic Review: Moody's Ratings announcescompletion of a periodic review of ratings of Atradius Credito y Caucion
S.A., Atradius Finance B.V. and Atradius Trade Credit Insurance Inc.
1 July 2024
Frankfurt am Main, July 1, 2024 – Moody’s Ratings (Moody's) has completed a periodic review of theratings of Atradius Credito y Caucion S.A., Atradius Finance B.V., Atradius Trade Credit Insurance
Inc. and other ratings that are associated with these issuers.
The review was conducted through a rating committee held on 24 June 2024 in which
we reassessed the appropriateness of the ratings in the context of the relevant principal
methodology(ies), and recent developments.
This publication does not announce a credit rating action and is not an indication of whether
or not a credit rating action is likely in the near future. Please see the Issuer page on https://ratings.moodys.com for the most updated credit rating action information and rating history.
KEY RATING CONSIDERATIONS AND RATIONALE ARE SUMMARIZED BELOW
The A1 IFSR with stable outlook of Atradius N.V.'s main operating companies reflect its strong
market position as the second largest global credit insurer, strong economic capitalisation,
underpinned by Atradius' conservative reserving, and underwriting discipline in a challenging
macroeconomic environment. These strengths are partially offset by Atradius' limited diversification
beyond credit insurance which increases its susceptibility to economic stresses.
This document summarizes our view as of the publication date and will not be updated until the next
periodic review announcement, which will incorporate material changes in credit circumstances (ifany) during the intervening period.
The principal methodology used for this review was Trade Credit Insurers published in April 2024.
Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of thismethodology.
This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings.
Non-EU rated, non-UK rated, non-EU endorsed and non-UK endorsed ratings may be referenced
herein to the extent necessary, if they are part of the same organization list.
This publication does not announce a credit rating action. For any credit ratings referenced in thispublication, please see the issuer/deal page on https://ratings.moodys.com for the most updated
credit rating action information and rating history.
Christian Badorff
VP-Sr Credit Officer
Financial Institutions Group
Moody's Deutschland GmbHAn der Welle 5Frankfurt am Main
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Antonello Aquino
Managing Director
Financial Institutions GroupJOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Deutschland GmbHAn der Welle 5Frankfurt am Main, 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
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