Financial Institutions

CREDIT OPINION
3 July 2024

Atradius N.V.
Annual update

UpdateSummary
The credit profile of Atradius N.V. (whose main operating companies are rated A1 forinsurance financial strength) is supported by 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.

Contacts
Christian Badorff+49.69.70730.961
VP-Sr Credit Officer
christian.badorff@moodys.com
Jose Pasache+49.69.8679.02171
Ratings Associate
jose.pasache@moodys.com
Antonello Aquino+44.20.7772.1582
Managing Directorantonello.aquino@moodys.com

Atradius is owned 83.2% (35.77% directly and 47.43% indirectly) by GCO (Grupo Catalana
Occidente), a Spanish insurance group with a well balanced business mix between Life andP&C insurance, in addition to the globally diversified credit insurance activity of Atradius.
However, the low business and asset concentration in Spain, reduces linkages between thecredit profile of Atradius and that of the Government of Spain (Baa1, positive outlook). The
loose linkage is also evidenced by Atradius' ability to finance itself independently from its
Spanish parent.
Exhibit 1

Net Income and reported net combined ratio
Net Income (Loss) Attributable to Common Shareholders(€mn - left axis)

CLIENT SERVICES
Americas
Asia Pacific
Japan
EMEA

1-212-553-1653
852-3551-3077
81-3-5408-4100
44-20-7772-5454

Reported Net Combined Ratio (right axis)

400

100.0%

360

90.0%

320

80.0%

280

70.0%

240

60.0%

200

50.0%

160

40.0%

120

30.0%

80

20.0%

40

10.0%

-

0.0%

2022

2023

Sources: Company's filings and Moody's Ratings

Credit Strengths» Leading market position as the second largest global credit insurer» Conservative balance sheet profile with a modest level of investment risk and soundliquidity» Strong capitalisation, with strong Solvency II ratio, low net underwriting leverage andmoderate credit limit exposure relative to capital» Dynamic management of exposure and effective underwriting risk monitoring tools

Moody's Ratings

Financial Institutions

Credit Challenges» Maintaining a strong underwriting and pricing discipline, while claims are at low levels but the economy is slowing down and risks ofrecession increase» Limited diversification beyond credit insurance exposes the company to deterioration in the economic environment» Some linkage with the credit profile of Spain through its parent GCO and its business exposure to Spain

OutlookThe stable outlook reflects our expectations that Atradius will maintain a conservative underwriting risk appetite and be able tomanage credit risk exposures to limit the impact of the deterioration in the economic activity on its profitability. The stable outlook
also reflects our expectations that Atradius will maintain strong capital levels, good asset quality and a low financial leverage

Factors that Could Lead to an Upgrade
While unlikely in the next 12-18 months, Atradius' ratings could be upgraded if» the group's business profile improves with a meaningfully higher weight of fee-based revenues,» the group improves its profitability with a combined ratio below 75% through the cycle, with moderate volatility and limited spikes
during credit crisis,» the group consistently maintains a Solvency II ratio above 220%, and» the group maintains a conservative asset and underwriting risk appetite.

Factors that Could Lead to a Downgrade
Conversely, the following factors could exert downward pressure on the ratings:» a volatile underwriting profitability, with for example a spike in the combined ratio materially above 100%,» a decline in capital, as evidenced for example by a Solvency II capital coverage below 180%,» a meaningful change in asset or underwriting risk appetite, or» a meaningful weakening in the credit profile of its parent, Grupo Catalana Occidente, S.A..

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for themost updated credit rating action information and rating history.

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Financial Institutions

Moody's Ratings

Key Indicators
Exhibit 2

Atradius N.V.
Atradius N.V. [1][2]As Reported (Euro Millions)
Gross Premiums Written
Net Premiums Written
Net Income (Loss) Attributable to Common Shareholders
Total Shareholders' Equity
Moody's Adjusted Ratios
High Risk Assets % Shareholders' Equity
Reinsurance Recoverables (or Reinsurance Contract Assets) /Shareholders’ Equity
Goodwill & Intangibles % Shareholders' Equity
Net Total Exposure % Shareholders' Equity
Net Underwriting Leverage (Credit Insurers)
Combined Ratio (1 yr.)
Sharpe Ratio of ROC (5 yr.)
Financial Leverage
Total Leverage
Earnings Coverage

2023

2022

2,300
1,412
379
2,785

2,078
1,246
329
2,495

20.1%
20.4%
8.9%
81.5%
68.7%
NA
7.9%
11.8%
28.5x

17.2%
21.8%
10.5%
83.6%
62.7%
NA
11.0%
13.1%
25.5x

[1] Information based on IFRS17 and IFRS financial statements as of the fiscal year ended 31 December.
[2] Certain items may have been relabeled and/or reclassified for global consistency.
[3] Gross Premiums Written and Net Premiums Written reflect Insurance Revenue and Net Insurance Revenue, respectively, as reported under IFRS 17.
Source: Company filings and Moody's Ratings

ProfileAtradius N.V. (Atradius) is the Netherlands based holding company for the group of insurance operating companies that primarily
include Atradius Crédito y Caución S.A. de Seguros y Reaseguros (ACyC) and Atradius Trade Credit Insurance Inc. (ATCI, USA).
GCO, the parent of Atradius, owns 83.2% of its capital. GCO is a listed Spanish insurance group with a diversified portfolio of life andnon-life insurance operations in Spain, and a global credit insurance business. The group operates through several insurance entities
and brands, including Atradius. In 2023, GCO reported €2,279 million and €366 million in earned premiums and recurring results for its
credit insurance business respectively.

Detailed credit considerations
Moody's rates Atradius A1 for insurance financial strength, which is in line with the adjusted outcome produced by Moody's ratingscorecard.
Market Position and Distribution: Strong franchise as top tier insurer in the global credit insurance market - A
As the second largest trade credit insurer by premiums, Atradius has a very strong position in the global credit insurance market. The
group has reinforced its second position since 2020 and gradually strengthened its market share.
Consistent with its credit insurance peers, brokers (72% of earned premiums) are Atradius' main form of distribution, followed by direct
sales (13%), and agents (13%). Tied agents and direct sales comprise a meaningful portion of the group's distribution capabilities,
particularly in Spain, where it has a strong distribution network. In addition to its primary credit insurance business, Atradius provides
reinsurance to a number of smaller credit insurers. This further broadens its market access and adds to the diversification of its
portfolio. However, despite its direct sales and reinsurance business, Atradius remains heavily dependent on third-party brokers, afeature that we believe reduces the group's ability to control pricing and access to markets.
Notwithstanding Atradius' very strong position in the credit insurance market, we believe the group's overall franchise strength issomewhat constrained by its limited diversification beyond credit insurance, an industry that we view as highly competitive andexposed to economic cycles.

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Moody's Ratings

Financial Institutions

Product Risk and Diversification: Strong sector and good country diversification amongst insured exposures, but limited
diversification beyond credit insurance - A
Consistent with its peers, Atradius is heavily focused on credit insurance, with approximately 90% of its 2023 revenues being sourced
from business lines related to credit insurance or bonding. The remainder of its revenue comprises fee income, including from credit
assessment fees, debt collection and information services, as well as fee income it earns for the export credit guarantee business it
conducts as an agent of the Dutch state. As a specialist credit insurer, Atradius' product risk focus is typically dependent on marketspecific credit and economic dynamics.
The group's exposure is granular and well diversified by country and by sector, although Atradius has elevated concentrations to certain
regions. In 2023, the group's largest country exposures for its credit insurance business were Germany (14.5%), Spain & Portugal(11.4%), USA (10.4%), Italy (7.0%), UK (7.2%), and France (6.7%).
Atradius has exposure to multi-year policies which could potentially restrict the flexibility of underwriting, however we believe this risk
is mitigated by the fact that the vast majority of such policies still have cancelable limits. Many multi-year policies also contain breakclauses or premium surcharge features that allow the group to either cancel the policy or change pricing or policy features if the claims
environment deteriorates substantially. While multi-year policies could have a negative impact on underwriting flexibility, they also
benefit the group as a protection against price decreases, and year-to-year competition to secure renewal business. Similar to its peers,
Atradius has a small special products business that provides non-cancelable trade credit insurance. The absence of cancelable limits is anegative, however, it is offset by more stringent policy conditions and underwriting relative to policies with cancelable limits.
The low average duration of credit insurance policies enables the company to act quickly and to actively manage its exposure. Hence,
Atradius has reshaped its risk portfolio to reduce limits and exposure to sectors the most affected by the coronavirus crisis and theincrease in inflation.
Asset Quality: High quality, conservative investment portfolio adds strength to balance sheet - Aa
Asset quality is a key credit strength for Atradius and reflects a modest level of investment risk and low level of intangible assets,slightly offset by an elevated level of reinsurance recoverables, relative to peers. The group's high-risk assets as a percentage ofshareholders' equity is very low at 20.1% as at YE2023 (IFRS 17 basis), and is comprised mainly of equities. The majority of the portfolio
is comprised of high-quality short-term and fixed income securities.
The group benefits from strong and long-standing relationships with its panel of quality reinsurers that provides a valuable source ofcapital and loss management capacity in down cycles. Atradius' reinsurance exposure is to strong reinsurance counterparties, rated
single-A or higher, mitigating the credit risk associated with the group's reinsurance recoverables.
Moody's also considers Atradius' liquidity to be good, as the group's assets are predominantly invested in high-quality and liquid assets
with relatively short durations. In addition, reinsurance treaties benefit from certain liquidity covenants (e.g. cash call agreements)
enabling the group to settle large claims in a very short period of time, if necessary.
Atradius holds a moderate amount of intangible assets, at c.9% of shareholders' equity at YE2023.
Capital Adequacy: Strong capital adequacy supported by high quality of capital and robust reinsurance program - A
Moody's views Atradius' capitalisation as strong, driven by strong capital metrics and good quality of capital. In recent years, Atradius
has continued to build up its capitalisation, thanks to robust earnings and a conservative dividend policy which has allowed thecompany to reinvest a significant portion of its profits into the business.
The very strong net underwriting leverage ratios and net operating leverage (formerly net total exposure) as a percentage of equity
ratios reported in 2020 and 2021 were enhanced by the government reinsurance schemes implemented during the pandemic, butsince these schemes were terminated in June 2021, these ratios have been normalising. In 2022 net underwriting leverage ratio
peaked at 120% (under the previous accounting standard) as result of record high earned premiums and reserve increase, suggesting adeterioration in capital adequacy. Similarly, the ratio of net total exposure over shareholders' equity increased significantly to then drop
slightly during 2023. However, these measures do not reflect the risk of the exposures covered by Atradius.

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Atradius N.V.: Annual update

Financial Institutions

Moody's Ratings

Atradius' good capitalisation is evidenced by the group's strong Solvency II ratio. As at YE2023, Atradius N.V.'s Solvency II coverage
ratio (based on a partial internal model used for the underwriting risk requirements of credit and bonding lines of business) remained
resilient at above 200% and we expect the ratio to remain very strong.
Atradius' solid capitalisation is supported by a robust reinsurance program, that includes quota-share and excess-of-loss facilities that
protect the group's profitability and capital in the event of high-loss scenarios. In 2023 Atradius ceded 39% of its business to reinsurers
under quota-share agreements.
The group has also improved its risk management framework over the last decade, including more conservative limits on insured
exposure relative to equity, and a focus on improved insured portfolio quality, including increased geographic diversification, andsignificant reductions in the exposure to lower-rated buyers and countries with more difficult operating environments.
Exhibit 3

Net total exposure in absolute terms and relative to shareholders' equity
Net Total Exposure (€bn - left axis)

Net Operating Leverage % Shareholders' Equity (right axis)

600

250.0x540

225.0x480200.0x420

175.0x360

150.0x300

125.0x240

100.0x

180

75.0x

120

50.0x

60

25.0x

-

0.0x
2022

2023

Sources: Company reports and Moody's Ratings

Profitability: Good profitability across the cycle - A
Consistent with peers, our view of Atradius' profitability is tempered by the intrinsic volatility of credit insurance through the cycle.
However, Atradius has taken tangible steps to limit the volatility of its underwriting results, including reducing its exposure to the
Iberian market to 11% as at YE2023 from 24% in 2011. In addition, Atradius has strengthened its underwriting practices, evaluation ofbuyer risk, and overall enterprise risk management, which we expect will contribute to less volatile profitability through the cycle.
Atradius' results were distorted in 2020 and 2021 by the government based reinsurance schemes implemented during the pandemic.
These schemes, mostly made of large quota-shares, have depleted the revenue base of credit insurers and have not always
compensated for their expenses.
Since 2022, prices have been decreasing in the credit insurance market, as a result of the competition after a period of low claims.
Nevertheless revenues increased during 2023, driven by the increased turnover of Atradius' clients, however this was mainly thanks tostill strong growth in the first half of the year. The level of claims remains very low by historical standards, supporting continuously very
low combined ratios in the year 2021-2023. Neither the military conflict in Ukraine, nor the bankruptcy in January 2023 of Brazilian
retailer Americanas undermined the group's profitability.
Notwithstanding the strong recent underwriting performance, a scenario of global recession would likely lead to a significant increase
in claims. Inflation will also weighs on costs, while the hardening reinsurance pricing cycle may also put pressure on expenses.

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Atradius N.V.: Annual update

Financial Institutions

Moody's Ratings

Exhibit 4

Atradius' reported net combined ratio
Claims ratio

Operating expenses ratio

92.6%

100.0%

90.0%
80.0%

73.3%

70.0%
60.0%

73.2%

73.0%

75.3%

35.9%

31.7%

32.9%

37.3%

41.3%

42.4%

2021

2022

2023

36.7%

30.0%

50.0%
40.0%
30.0%
20.0%

55.9%
43.3%

10.0%
0.0%
2019

2020

Sources: Company's filings and Moody's Ratings

Reserve Adequacy: Short-tail business and consistent positive reserve development moderates reserving risk - A
Atradius has reported consistent reserve releases in the last nine years, demonstrating meaningful improvement compared to theperiod after the 2008 financial crisis when the company had to strengthen reserves. While the group's Spanish exposures were a large
contributor to the adverse development, reserve development on the Spanish book has been on an improving trend since 2012. The
group's reserves on its bonding business have been somewhat volatile, although the exposure to bonding remains modest relative tothe group's overall exposures.
Taking advantage of the low claims environment, Atradius has taken a conservative reserving stance since 2020. In countries where
credit insurers have benefitted from government reinsurance schemes, movements in reserves (mostly positive developments) werelargely offset by these schemes for underwriting years 2020 and 2021, which has not been the case for underwriting years 2022 and2023. We consider that Atradius' level of provisioning for underwriting year 2022 and underwriting year 2023 is relatively conservativein light of the low level of reported claims.
Financial Flexibility: Very strong stand-alone financial flexibility, some ability to finance independently from the parent
company - A
Atradius' standalone financial flexibility metrics are very strong, with Moody's adjusted financial leverage of 7.9% at YE2023 andearnings coverage of debt service at 28.5x in 2023 (2yr average: 27x on a restated basis, taking YE2022 and YE2023). Despite theownership by a Spanish-based insurance group, Atradius has demonstrated its ability to finance independently from its parent.
Although Atradius is not a frequent debt issuer, it has issued from Atradius Finance B.V., a company domiciled in the Netherlands, aswell as more recently in 2024 from its main operating company, Atradius Crédito y Caución (ACyC). This latest issuance, €300 millionof subordinated bonds, was accompanied by the buyback of outstanding subordinated bonds, with an acceptance rate of around 97%.

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Atradius N.V.: Annual update

Moody's Ratings

Financial Institutions

ESG considerations
Atradius Finance B.V.'s ESG Credit Impact Score is Neutral-to-Low CIS-2
Exhibit 5

ESG Credit Impact Score

Source: Moody's Ratings

Atradius' CIS-2 reflects the limited credit impact of environmental and social risks on the rating to date. The group’s strong
governance, including risk management and capitalisation, along with its predominant focus on trade credit insurance and its
diversified portfolio of very short-tail exposures help reduce its physical climate and social risks.
Exhibit 6

ESG Issuer Profile Scores

Source: Moody's Ratings

Environmental
Atradius has low exposure to environmental risk, although it does have indirect exposure to environmental risk through the exposures
the group insures. These include, for example, companies in the automotive sector which are exposed to carbon transition risk, andmanufacturers and retailers with large physical footprints that are meaningfully exposed to physical climate risks. These indirect risks
are mitigated by the significant geographic and sectoral diversification of Atradius’ portfolio and the very short-term nature of these
exposures, which allows credit insurers to quickly manage down their exposures to sectors facing rising environmental risks.
SocialAtradius faces low exposure to social risks. Social pressures may affect indirectly Atradius because its clients or its insured
exposures may be affected by new societal trends, but the impact is low because of the exposures’ short-term nature and extensive
diversification. Nonetheless, as credit insurers also play a role in the global economy by facilitating the development of trade, they are
subject to an increasing level of political scrutiny which could result in new business or financial constraints.
GovernanceAtradius faces low governance risks. As a leading credit insurer, Atradius is committed to maintain a strong level of solvency, which isa key requirement from brokers and clients. Risk management is also a pillar of the business model of credit insurers which monitor
the quality of their exposures and can cut limits quickly to adapt their risk profile. Atradius' supervisory board includes board members
independent from the parent company, which helps offset governance risk related to the concentrated ownership of its parent
company.

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Atradius N.V.: Annual update

Financial Institutions

Moody's Ratings

ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com. In order to view thelatest scores, please click here to go to the landing page for the entity/transaction on MDC and view the ESG Scores section.

Rating methodology and scorecard factors
Exhibit 7

Rating Factors
Financial Strength Rating Scorecard [1][2]Business Profile
Market Position and Brand (10%)-Relative Market Share Ratio-Distribution and Access to New Markets
Product Focus and Diversification (20%)-Business Diversification-Flexibility of Underwriting-Risk Diversification
Financial Profile
Asset Quality (15%)-High Risk Assets % Shareholders' Equity-Reinsurance Recoverable % Shareholders' Equity-Goodwill & Intangibles % Shareholders' Equity
Capital Adequacy (20%)-Net Operating Leverage-Net Underwriting Leverage (Credit Insurers)
Profitability (20%)-Combined Ratio (5 yr. avg.)-Sharpe Ratio of ROC (5 yr.)
Reserve Adequacy (5%)-Worst Reserve Development for the Last 10 Years % Beg. Reserves
Financial Flexibility (10%)-Financial Leverage-Earnings Coverage (5 yr. avg.)
Operating Environment
Preliminary Standalone Outcome

Aaa

Aa

A

Baa

Ba

B

Caa

ScoreAdj Score

A
A

A
A

A

A

Aa
Aaa

A
Aa

Aa

A

Aa

A

Aaa

A

Aaa

A

X
X
X
X
X

20.1%
20.4%
8.9%
X
0.8x
65.7%

-0.8%
7.9%
27.0x
Aaa - A Aaa - A
Aa2
A1[1] Information based on IFRS17 financial statements as of fiscal year ended December 31, 2023. [2] The Scorecard rating is an important component of the company's published rating,reflecting the standalone financial strength before other considerations (discussed above) are incorporated into the analysis.
Source: Moody’s Ratings

Support and structural considerations
Atradius' A1, IFSR reflects its standalone credit fundamentals and its partial insulation from GCO due to a combination of: (i) its
limited correlation with GCO's credit profile due to the different business models within the group, and (ii) our expectation that GCO
will remain committed to maintaining Atradius' solid capitalisation. While we consider the partial insulation of Atradius from the
GCO group to be meaningful, and sufficient to support our assessment of its credit profile on a standalone basis, there remains a link
between the credit profiles of Atradius and its parent, GCO.
GCO's link to the Spanish sovereign is primarily driven by its fixed income portfolio that has significant exposure to domestic assets,accounting for 53% of the total portfolio at YE2023. Similar to other domestic Spanish insurers, GCO maintains significant domestic
assets to match its domestic life insurance technical liabilities. Positively, GCO is currently well capitalized (consolidated Solvency II
ratio of 232% at YE2023) and its traditional businesses have a low-risk business profile, a strong track record of profitability and very
modest financial leverage.
The subordinated bonds issued by Atradius Crédito y Caución S.A. de Seguros y Reaseguros (ACyC) are rated A3(hyb), two notches
below the issuer's IFS rating, and reflects the subordination of the bond, mandatory coupon skip and the cumulative nature of deferredcoupons.
The backed subordinated notes issued by Atradius Finance B.V. are rated Baa1(hyb), three notches below Atradius's IFS rating, andreflects the unconditional and irrevocable subordinated guarantee from Atradius N.V.. In addition, the notes benefit from narrower

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Financial Institutions

Moody's Ratings

notching between the ratings of the holding company (Atradius N.V.) and the operating entities (ACyC) due to the holding company
being within the ambit of enhanced regulatory supervision under a Solvency II regime.
The P-1 short term IFSR of ACyC reflects its solid liquidity including a highly liquid investment portfolio of relatively short duration,
supported by contractual accommodations specific to credit insurers, such as simultaneous settlement provisions in reinsurance
agreements which provide the Group with additional sources of liquidity in the event of large claims.

Ratings
Exhibit 8

Category
ATRADIUS CREDITO Y CAUCION S.A.

Moody's Rating

Rating Outlook
Insurance Financial Strength
ST Insurance Financial Strength
Subordinate

STA
A1
P-1
A3(Hyb)ATRADIUS TRADE CREDIT INSURANCE INC.

Rating Outlook
Insurance Financial Strength

STA
A1

ATRADIUS FINANCE B.V.

Rating Outlook
Bkd Subordinate

STA
Baa1(Hyb)

Source: Moody's Ratings

Moody’s related publications
Sector In-Depth» Credit insurers remain disciplined and financially strong as claims will rise (March 2024)

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Atradius N.V.: Annual update

Moody's Ratings

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