Outlook: Stable
Action date: 07/08/2022
Rating action: Affirmed


EthiFinance Ratings maintains the rating of Euler Hermes, S.A. at "AA-", with a "Stable" outlook. Euler Hermes, S.A. (hereinafter Euler Hermes) is the main insurance subsidiary of the Euler Hermes Group, which belongs to one of the most important insurance groups in the world, the Allianz Group. Euler Hermes is the global leader in the credit insurance market and complements its core business with the activities of surety bonds, fraud insurance and debt collection. Our credit rating is based on Euler Hermes' position as market leader in the credit insurance sector, its improved efficiency, low leverage, adequate liquidity position, and growing profitability, which, although it has evolved positively towards pre-pandemic levels, it remains below its peers. Euler Hermes' credit rating benefits from the implicit and explicit support of its parent, the Allianz Group, which owns 100% of the company. In contrast, the main mitigants to our rating are the high concentration of its revenues in credit insurance (a particularly cyclical business) and the current uncertain economic environment, which, although it could affect the Insurer's results, Euler Hermes' performance is expected to remain at adequate levels.


Date last rating: 07/08/2022
Date first rating: 07/06/2020