S&P downgrades Atradius from A- to BBB

Rating agency Standard & Poor’s (S&P) has cut trade credit insurer Atradius’s rating from A- to BBB.

S&P made the move last week because it is uncomfortable with the sovereign debt exposure of Atradius’s main shareholder, Spanish insurer Grupo Catalana Occidente.

An Atradius spokesman said: “It’s not to do with our own company strength.”

Atradius still has an A rating from AM Best.