S&P Global Ratings on March 14 revised the outlook on African Trade Insurance Agency's long-term foreign-currency issuer credit and local-currency financial strength ratings to stable from negative, while affirming the ratings at A.
The outlook revision reflects the Kenya-based pan-African insurer's progress over the past six months in resolving member-state sovereign and sub-sovereign payment delays, accrued since 2015. The stable outlook also reflects the expanding shareholder base, which strengthens the company's business profile even further and indicates increasing adjusted capital levels.
African governments represent the majority shareholding in African Trade Insurance Agency, which counts 14 countries and nine institutions among its membership. Institutional members include UK Export Finance, the SACE Italian export credit agency and the African Development Bank.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
