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Insurance ratings actions: Fitch places Coface on Rating Watch Negative

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

Europe

Fitch Ratings placed the A+ long-term issuer default rating and the F1 short-term issuer default rating of Coface SA and the AA- insurer financial strength ratings of Coface Re SA and Coface North America Insurance Co. on Rating Watch Negative.

The agency also placed the A+ long-term issuer default rating of Coface Finanz GmbH and the A+ long-term issuer default rating, AA- insurer financial strength and F1+ short-term insurer financial strength rating of Compagnie Francaise d'Assurance pour le Commerce Exterieur SA on Rating Watch Negative.

The ratings actions reflect the negative impact of the COVID-19 pandemic on the global trade credit insurance industry and the heightened probability that Coface would breach the agency's downgrade sensitivities.

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Fitch downgraded Bupa Finance PLC's long-term issuer default rating to A- from A and short-term issuer default rating to F2 from F1. The agency also affirmed the A long-term issuer default rating and the A+ insurer financial strength rating of Bupa Insurance Ltd.

The outlooks on Bupa Finance's long-term issuer default rating and Bupa Insurance's long-term issuer default and insurer financial strength rating are stable.

The downgrade of Bupa Finance's ratings reflects the agency's expectation that the financial performance of the Bupa group's non-insurance operations will deteriorate in 2020 due to the coronavirus pandemic.

The affirmation of Bupa Insurance's insurer financial strength rating reflects Fitch's assessment of Bupa's very strong capitalization and leverage, and strong business profile and financial performance.

Middle East and Africa

S&P Global Ratings lowered the long-term insurer financial strength rating of Angolan insurer ENSA – Seguros de Angola SA to CCC+ from B-. The outlook is stable.

The downgrade was partly due to the recent sharp falls in oil prices, which are accentuating Angola's external and fiscal deficits and increasing financing pressures.

ENSA's rating reflects its reliance on favorable business, financial and economic conditions to continue operating in Angola.

Asia-Pacific

S&P Global Ratings affirmed the A issuer credit and financial strength ratings of Taiju Life Insurance Co. Ltd. and Nippon Wealth Life Insurance Co. Ltd.

The agency also revised downward its outlooks to stable from positive on the long-term issuer credit and financial strength ratings of the companies.

The stable outlook on Taiju Life reflects the agency's view that the company will maintain its business franchise at the current level and its capital at an adequate level. The stable outlook on Nippon Wealth Life mirrors the outlook on its parent, Nippon Life Insurance Co.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.