Moody's on March 7 upgraded certain ratings of Dutch insurance company Atradius NV's main operating subsidiaries.
The rating agency upgraded the insurance financial strength ratings of Atradius Crédito y Caución SA de Seguros y Reaseguros, Atradius Reinsurance DAC and Atradius Trade Credit Insurance Inc. to A2 from A3. The short-term insurance financial strength rating of Atradius Crédito y Caución was also upgraded, to P-1 from P-2. The outlooks are stable. The outlook on Atradius Finance BV is also stable.
The ratings actions marked the conclusion of a review for upgrade of the ratings that the agency initiated in December 2017.
Moody's said the ratings actions reflect "steady strengthening of Atradius' financial profile over the past five years, including strong and consistent profitability, strengthening capital adequacy and improvements in its risk management and reserving practices."
The A2 insurance financial strength ratings of Atradius' units are positioned above the credit profile of its parent company, Spanish insurer Grupo Catalana Occidente SA, the agency noted.
