Insurance
Outlook: Stable
Action date: 12/02/2021
Rating action: Affirmed

CIA. ESP. SEGUROS CREDITO EXPORTACIÓN S.A. (CESCE)

Axesor Rating affirms CESCE's rating at "A-", maintaining its Stable outlook. Compañía Española De Seguros De Crédito A La Exportación, S.A. (hereinafter CESCE) is a mixed-capital company operating in the integral commercial risk management, information and technology businesses, with a significant presence in Spain and the Latin American market. Our credit rating is based on high solvency levels, zero financial leverage and a notable liquidity position. We also highlight the complementarity between the insurance and information businesses and the balanced distribution of profits between the two lines. In addition, the group's investment portfolio has a conservative profile, prioritising assets with low credit risk, high liquidity and sector diversification. Conversely, our rating is constrained by the lower geographic diversification compared to peers and the complex macroeconomic environment which we expect to increase the claims ratio of its insured portfolio.

Rating

Unsolicited
Date last rating: 12/02/2021
Date first rating: 01/21/2020