Rating agency worried over insurer parent’s sovereign debt exposure
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.