COFACE SA

EthiFinance Ratings affirms Coface, S.A.'s rating of "A+", maintaining the trend "Stable". Coface, S.A. (hereinafter, Coface) is the parent company of the world's third largest credit insurance market leader, which complements its core business with factoring, guarantee and surety services, and debt information and collection. Our credit rating is based on its leading position in the credit insurance market, its growing profitability, its efficiency and capitalization in solid levels, which overall have evolved positively. We also value its global presence with access to differentiated economic cycles. On the other hand, our rating is limited by its heavy weight in the group's revenues of its core business, whose cyclical component is high, its the greater exposure to emerging markets and the current uncertain economic context, which, although it could affect the group's results, the insurer's performance is expected to remain at adequate levels.