What's new

First Brazilian Corporate Payment Survey 2016

Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;

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Coface Group: Executive Committee appointments

As part of the implementation of the three-year strategic Fit-to-Win plan, aimed at positioning Coface as the most agile global credit insurer on the market, changes are to be made to the Group's Executive Committee, effective from 3 April 2017.

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2017: A year of political and banking risks for emerging countries

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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Infographics - 2017: An economic upturn in the face of political risk

Four major risks for 2017 but some positives points...

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Poland Payment Survey: Payment delays pervade Polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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Coface has transferred French State export guarantees activity to Bpifrance

In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.

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South Africa’s economy challenged by crises in agriculture and mining, amid fears of an investment downgrade

Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)

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After a series of shocks in 2015 and 2016, Turkey’s economy is coming to the end of its new “Tulip era”

Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.

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Uberisation of French economy: a positive impact on employment but will it last?

Taxi company insolvencies in France increased by nearly 60% in one year, rising from 141 cases in August 2015, to 224 at the end of August 2016 and resulting in the loss of 3.38 jobs on average (...)

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German Economy in 2017: Stable, but not staid

The signs for Germany’s further economic development are promising, with a high level of stability. Coface’s expectations for solid growth therefore come as little surprise.

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Global sector risks in precarious balance

At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.

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The first arrow of Abenomics: why is it not working?

Why did the yen depreciation, which occurred during the early success of the first arrow, not boost Japan’s merchandise export volumes?

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Isabelle Rodney and Anne Sallé Mongauze join COFACE SA’s Board of Directors

At its meeting on 3 November, the Board of Directors of COFACE SA co-opted Isabelle Rodney, Member of the Executive Board of Caisse d’Epargne Côte d’Azur, and Anne Sallé Mongauze, Chief Executive Officer of the Compagnie Européenne de Garanties et Cautions, as directors of the Board of Directors of COFACE SA.

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Mexico’s Economy: more difficult times ahead

In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.

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Coface results at 30 September 2016: Operating trends in line with Fit to Win

Xavier Durand, CEO of Coface, commented: These results are in line with the trends that we highlighted last September at our Investor Day.

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Pierre Bevierre joins Coface as Group Human Resources Director

Pierre Bevierre, who holds a post-graduate degree (DESS) in Human Resources from Paris Dauphine University, is appointed Group Human Resources Director with effect from January 2017.

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Franck Marzilli appointed Group Compliance Director of Coface

Effective in December 2016, with the objective of strengthening Coface’s controllership functions in a context of increasing complex and stringent regulations.

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Rising political risks in developed countries: the sword of Damocles hangs over Europe’s major economies

Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks

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Infographics - Is political risk a new threat for the global economy?

European political calendar: crucial deadlines

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Further downgrades triggered by the Brexit shock and falling oil revenues

Global growth: stability in developed countries, slight improvements among emerging economies

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Xavier Durand wins « First 100 Days » award from KPMG and EIM, thanks to readers of Challenges magazine

The award, created in 2015, recognizes business leaders who were appointed within the last 24 months and who have succeeded in their first 100 days in the role

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Coface welcomes Fitch’s decision to affirm its AA- rating

Fitch Ratings issued, on September 29th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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Xavier DURAND finalist in "first 100 days" award by french magazine, Challenges: Cast your vote!

The First 100 Days award recognizes the success of business leaders in their key ‘first 100 days’.
Xavier Durand, Chief Executive Officer of Coface, is one of the finalists in the ‘First 100 Days’ award organized by French business magazine, Challenges, in partnership with EIM and KPMG.

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Latin America: Why are manufacturing exports still lackluster?

Foreign trade is unlikely to be a main contributor to the growth of Latin American economies over the next few years

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Fit to Win plan to transform Coface into the most agile global trade credit partner in the industry, while evolving to a more efficient capital model

Fit to Win 3-year plan financial ambitions

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Moroccan company payments survey 2016

Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.

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Coface appoints Fredrik Murer to lead its North America region

Coface continues to strengthen its senior management team, with the appointment of Fredrik Murer as CEO of the North America region.

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Poland Insolvency Report: Insolvencies fall amid fair economic growth

Poland’s economy is slowing this year, although the growth rate will remain fair: 3.2% for 2016, following 3.6% in 2015.
Business is benefiting from positive macroeconomic conditions.
Insolvencies and restructuration proceedings fell by over 14%. Coface forecasts further improvements, with the number of proceedings falling in 2016 and 2017.

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Short-term risk is reduced for the French automotive sector, but profound changes are ahead

The automotive sector has been upgraded to the best risk category
Private buyers are returning to the car market, driving up sales of new vehicles, which are expected to increase by 5.6% in 2016

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The French economy: a temporary pause in growth

Q2 impacted by external shocks
2016 growth forecasts remain positive at 1.6%
Non-financial corporate debt: an upward momentum unique in Europe but far below alert thresholds

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Agrofood in North Africa: a strategic sector at nature’s mercy

Several favourable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.

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Pharmaceutical companies in the United States face two opposing scenarios for their business: "optimistic" or "pessimistic”

Despite strong private and public investments, health indicators in the United States are below average compared to the 12 most advanced countries

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The outlook for the us pharmaceuticals

Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results

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New Germany Corporate Payment Survey 2016

Despite the solidity of Germany’s economy, payment delays are still commonplace

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China’s two-speed economy: Sector winners and losers

China’s economy grew by 6.9% in 2015, the slowest expansion pace in 25 years. Growth should continue to slow in 2016 and 2017, and will probably undershoot the government’s average annual growth target of 6.5% - as set out in the five-year plan for 2016-2020.

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H1-2016 results in line with July 4th announcement.

Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry

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Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

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Sector assessments revised in 6 global regions

Sector risks are still increasing in emerging markets

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Coface Insolvency Panorama for Central and Eastern Europe: Less business insolvencies due to favourable economic conditions

The number of insolvencies decreased over the course of 2015 in 9 out of 13 countries, while the GDP-weighted regional insolvency average was -14%.

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Thomas Jacquet appointed Coface Group Investor Relations & Rating Agencies Director

Thomas Jacquet will be joining Coface credit insurer on 12 September as Group Investor Relations & Rating Agencies Director. He succeeds Nicolas Andriopoulos, appointed Managing Director of Coface Re, who continues to manage the Group’s internal and external reinsurance.

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United Arab Emirates: A new era of slower growth

High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged

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EURO 2016: the final as seen by Coface economists !

How countries have beat the competition

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Coface appoints Valérie Brami as Group Chief Operating Officer

Valerie Brami, 49, is appointed to the newly created position of Group Chief Operating Officer, in charge of information systems, organization and process enhancement. As such, she joins the Group’s Executive Committee and Management Board.

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Noting a higher than expected increase in claims in emerging countries, Coface continues to adapt its risk management policy and foresees a net [...]

...loss ratio of 63% to 66% for full year 2016

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Coface strengthens its risk function with the appointment of Thierry Croiset as Group Risk Director

Thierry Croiset, 56, will join credit insurer Coface as Group Risk Director as of 11 July 2016, reporting directly to Carine Pichon, Chief Finance & Risk Officer.

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Despite persistent crises, sub-Saharan Africa presents opportunities in 2025 time-frame

Heavily impacted by the Chinese slowdown and the fall in commodity prices, sub-Saharan Africa posted its lowest level of growth since 2008. 15 countries, including several that have been severely impacted by cri-ses, show significant potential in terms of consumer spending. Two sectors offer medium-term opportunities: retail and ICT

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World corporate risk reaches peak levels

Forecast world growth for 2016 down by 0.2 points to 2.5%. The average level of global risk corresponds to B, « significant risk ». Increasing numbers of emerging markets included in the "extreme" and "very high" risk categories. Three leading world economies become fragile. China penalises activity in several Asian countries. Europe facing positive dynamics, but political risk driven by the Brexit must be monitored.

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Infographics - Despite persistent crises, Sub-saharan Africa presents opportunities in the 2025 time-frame

15 countries identified as having high potential consumer markets

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Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four Northern

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Thibault Surer appointed Group Strategy and Business Development Director

Thibault Surer, 54, joins credit insurer Coface as Strategy and Business Development Director of the Group. The department he will head up covers Strategy, Business Development, Marketing & Innovation. Thibault becomes also a member of the Group Management and Executive Committees.

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24 nations warming up for the euro 2016

Country risk assessments of qualified countries: their current form

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Coface strengthens organisation in Asia, with the appointment of Bhupesh Gupta as Asia Pacific CEO

In line with its Asian growth strategy, Coface is appointing a seasoned financial services professional, Bhupesh Gupta, to run its Asia Pacific operations.

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No improvement in Asia Pacific corporate payments in 2015

Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets (...)

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Is the French economy definitely taking off?

A number of positive indicators for the French economy appeared between January and April 2016.

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, May 20th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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What to expect from Brazil’s perfect storm?

Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff (...)

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Hungary: Private consumption rising but challenges remain for corporates

Hungary is performing well, considering the context of struggling economies globally.

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Coface Q1-2016 results: A tough quarter in a polarized environment

This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.

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Coface and Bpifrance have agreed terms for the transfer of French state export guarantees

Coface and Bpifrance today signed an agreement concluding the transfer of French state export guarantees management from Coface to Bpifrance, in line with the preliminary protocol agreed with the French state on 29 July 2015.

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Coface announces the publication of its 2015 Registration Document

The Registration Document of COFACE SA for 2015 (Document de référence 2015 in French) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on April 13th, 2016, and registered under the visa number R.16-020.

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Infographics - Steel: faced with global overcapacity

Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.

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Steel overcapacity around the world: risk reaches a high in 2016

Following a long period of increasing demand, driven by China in the 2000s, steel is suffering from weak growth in the global economy.

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Sector risks remain under pressure in the emerging markets

Global growth at half-mast (2.7% projected by Coface for 2016), under the impact of the highly volatility financial markets and continuing low oil prices, is compromising the health of industries analysed by Coface. (...)

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Quarterly update of Coface country risk assessments

The global economy is turning "Japanese": world growth remains low, despite ultra-expansionist monetary policies (...)

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Czech Republic, Poland, Chile, and Thailand closest to a quick upturn in exports

Although the current crisis in emerging countries is surprising in its intensity, with their growth cut in half in five years and increased exposure (...)

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Infographics: companies in emerging countries: is another “Phoenix miracle” possible?

Consult coface new infographics

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Infographics: The return of Iran to the global market

Iran: Strengths, weaknesses, opportunities and threats

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Iran: Sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally to rejoin the global community. The return of Iran should have an effect on international growth via the oil channel but, above all, will bring huge changes to Iran itself.

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Few companies in China spared from overdue payments in 2015: 80% of corporates affected

A new Coface survey on corporate credit risk management, to which 1,000 companies based in China responded, reveals that corporate payments continued to deteriorate in 2015 (...)

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Risks for German exports have risen significantly

The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)

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China’s role in Latin America is much more than a trade issue

China, on its way to becoming an important financial player for economies with restricted access to international markets, has announced its intention to increase its (...)

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Panorama : Company insolvencies in France

Lessons learned 2015, hope in 2016: situation of companies returning to normal

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Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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Country risks again under tension in 2016

To be monitored: cheap oil, financial market volatility and the Chinese slowdown in advances countries and growing debt of companies in emerging countries

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Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glas

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The Board of Directors of Coface announces the appointment of Xavier Durand as Chief Executive Officer

This appointment will become effective following the Board of Directors’ meeting to be held on 9 February to approve the accounts for fiscal year 2015. Jean-Marc Pillu will continue in his role as Chief Executive Officer of Coface until this date.

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Sector assessments in the world, the persistence of high risks

Marked by the commidities price fall and the slowdown in sales, 2015 requires a greater control over risks

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Europe’s qualitative wine production model resists competition

French and Italian producers are not suffering from the new world competition on low and mid-level products while Spain is more vulnerable

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Infographics : Globalisation of the wine market

Europe's double positioning and Asia, the world's futur landing consumer

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Infographics : Sector risks - 4th quarter 2015

The temperature of 14 sectors in 3 of the world’s major regions

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French companies are starting to benefit from a tenuous recovery, although certain sectors remain at risk

Coface economists estimate a growth of 1.1% for 2015 and 1.4% for 2016. Company insolvencies are down, although the level remains high (...)

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Construction: the Achilles' heel of the French economy

Following a long period of stagnation, construction in Europe is showing signs of recovery. In France it is the only sector, out of the fourteen studied by Coface, to be rated as very high risk (...)

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Egypt: slow recovery and structural challenges

Coface forecasts growth of 4.4% for 2015/2016

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Brazil: no quick fix for the crisis

Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling (...)

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Results at 30 September: Coface stabilizes results and posts profit of EUR 98 million

Coface once again posts an increase in turnover this quarter. In spite of a difficult economic climate in certain emerging markets, we have managed our loss ratio well by applying our expertise in risk management. In doing so, we are pursuing our path of profitable growth while protecting and supporting that of our clients.

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Half year 2015 Insolvency Report: Poland continues on improvement track

Poland’s increased economic activity has already reached the levels required to stabilise the number of company insolvencies.

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Quarterly sector risk assessments update

Energy is more risky than ever, while Information and Communication Technologies is the only sector to receive a positive revision and automobile is adjusting.

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Focus on the future of solar energy in Europe: photovoltaics

Despite the strong domination of Chinese companies and overcapacity in Europe, the European market remains promising in the medium term.

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Infographics : focus on the future of solar energy in Europe: photovoltaics

Discover our new infografic focus on the future of the solar energy in Europe

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Infographics: The temperature of 14 sectors activity in the world

Discover our sector risk infografics on the temperature of 14 sectors activity in the world

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Coface is awarded Best Trade Credit Insurer in Asia Pacific

Coface is awarded ‘Best trade credit insurer in Asia Pacific’ by GTR. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.

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Country risk assessment map - 3rd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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Is a Chinese shadow cast over Asia?

China is trying to find a way to achieve healthier, more sustainable growth, but this is not completely painless for its economy – or for those of its neighbours. According to Coface estimates, growth is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment.

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Quarterly update of the Coface country risk assessments

Large and small emerging countries are experiencing strong turbulence

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Infographics: Chinese slowdown: what risk of contagion for Asian countries?

We are witnessing a shift in the Chinese economic model. Which Asian countries will be the first victims if there is a hard landing? And which will enjoy the greatest immunity?

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How Gulf Cooperation Council countries (GCC) are dealing with falling oil prices

As oil continues to be a major contributor to economic performance in the GCC, economic diversification is vital for the Gulf countries to ensure continued healthy growth. This has been showcased in Saudi Arabia and the UAE, which are driving sustained GDP growth through significant government investment in non-oil sectors. In the UAE, the food and beverage sector is forecasted to grow by 36% between 2014 and 2019, while KSA’s automotive industry is slated to rise by 5.2% in 2015.

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Latin America: what life after the commodity burst?

Growth in Latin America has been slowing down since 2011. This lacklustre situation, caused by weak domestic fundamentals, has been exacerbated by cyclical factors experienced since the second half of 2014. In 2015 we have ob-served a further deterioration of this (...)

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Company insolvencies in Western Europe: a drop of 7% expected in 2015 but situation is contrasted

Company insolvencies in Western Europe have experienced two successive storms. The subprime crisis, which made insolvencies jump by an average of +11% in the twelve countries studied was, unsurprisingly, followed by (...)

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Infografics: Insolvencies in Western Europe: A downward cycle has started

Infografics : Insolvencies in Western Europe: A downward cycle has started - The economic recovery in the euro zone supports this trend - September 2015

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H1-2015 results: Coface posts a profit of EUR 66 million in spite of an increase in claims in emerging countries

Since the end of last year, at the occasion of our periodic results publications, we have noted weaknesses affecting the macro-economic environment. The first half of this year confirms this trend, and it was marked by an increase in the frequency of claims, in particular in emerging markets. Given this context, we are publishing good quality half-year results. The Group thus confirms the robustness of its business model: product innovation and multi-channel distribution, while controlling risks and costs.

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The French government prepares to transfer management of state export guarantees to Bpifrance

The French State announces today its intention to go ahead with the project, an agreement in principle having been reached with Coface. This agreement will see Coface receive an amount of 77.2 million euros when the transfer becomes effective, which is targeted for the first half of 2016. Moreover, it has been agreed that, during the transition period, Coface will continue to assure its mission on behalf of the French state and will work closely with Bpifrance to ensure continuity in services offered to companies.

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The CEE automotive sector is highly dependent on foreign investments - but there are positive dynamics in domestic demand

The CEE region has become an attractive destination for investments by global car manufacturers. In 2014, 3.6 million vehicles were produced in Eastern Europe, equating to 21% of total EU production (...)

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Country risk map - 2nd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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Linda Jackson and Martine Odillard join COFACE SA’s Board of Directors

Linda Jackson, Chief Executive Officer of Citroën brand, member of the Executive Committee of PSA Peugeot Citroën, and Martine Odillard, Chief Executive Officer of the Chargeurs group, recently joined the Board of Directors of COFACE SA.

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Sub-Saharan Africa: three East African economies are sheltered from the economic storm

Although growth was accelerated by the high prices of commodities on which sub-Saharan Africa is highly dependent, the region must now deal with the effects of falling oil prices. The 45 countries screened by Coface are affected to different degrees.

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Quarterly updated country risk assessments

Downgrade for China. Economies affected by the fall in oil prices placed on negative watch.

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Infographics : Country risk assessments June 2015

Discover in this new infographic which country risk assessments are upgraded or downgraded by Coface.
In addition: Focus on Sub-Saharan economies - Is the risk of bad economic weather high?

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Is India’s economic revival thanks to the Modi government?

In May 2015, the IMF highlighted India as “one of the bright spots in the global economy”, mainly due to more effective policies and the end of political uncertainty. Coface expects the country’s GDP growth to reach 7.5%. But to what extent have Modi’s reforms contributed to the recent pickup in growth? Are the improvements in the economy without risks?

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Launch of TradeLiner : Coface revamps its credit insurance offer for mid-market companies

Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner.

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Coface Insolvency Monitor for Central and Eastern Europe: Economic perspectives improved but corporate challenges remain

CEE’s improved economic activity in 2014 resulted in the stabilisation of company insolvencies, with a minor drop of -0.5% in the regional average.

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Business insolvencies in France at the end of April 2015: The numbers continue to slowly improve, at -2.7% on a year

The favourable swing first seen in 2014 continues. The immediate rise in business insolvencies in the first four months was partly due to a catching up after the artificially low year-end data, because of the industrial action within the court system, which has however resurfaced in May.

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The end of milk quotas: New rules

April 1st 2015 marked the end of milk quotas in Europe, a regulatory tool imposed in 1984 in response to overproduction, leading to the so-called “butter mountain” and the “milk lake”. For the first time in 30 years, the market alone will determine the quantities of milk produced. Are French dairy farmers ready for this? Is the abolition of milk quotas going to make it possible for milk producers to supply the rapidly growing markets in Asia? Or to develop to meet the high level of demand for organic products?

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Infographics: End of Milk Quotas: a new era for the french dairy sector

The dairy market

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Morocco: The emerging market challenge

The Moroccan economy demonstrated its resilience during the recent global economic crisis and the “Arab Spring”. In what is an increasingly unstable international environment, Morocco has proven to be highly stable.

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Coface begins 2015 with robust results: increased turnover and profitability in Q1

We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment.

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70% of companies in the Asia-Pacific Region experienced overdue payments in 2014

Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in 8 economies. 70% of the companies surveyed experienced overdue in 2014 - the highest level in 3 years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% compared with the previous year. Companies in China, India, Hong Kong and Thailand are particularly affected.

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COFACE SA: Combined Shareholder’s Meeting May 18th 2015 at 10.30am

Coface SA's shareholders are hereby informed that the Combined Shareholder’s Meeting will be held on Monday, May 18th, 2015 at 10:30 am at the Group’s headquarters.

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Has the US automotive sector shifted safely into top gear?

The bail-out for the US automotive industry, at a cost of 80 billion dollars and large-scale layoffs, traumatised the United States. Its automobile manufacturers are now rebuilding their competitiveness and benefiting from the upturn in US economic growth (forecast at 2.9% in 2015). The industry has picked up and demand is being driven partly by easier access to credit, but at what price? In 2015 , Coface’s model predicts an increase in sales of 3.8% a sustained level of growth, but well below the level recorded in recent years.
The automotive sector needs to continue to look towards the future and the changes required to meet the new challenges ahead.

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Two sectorial assessments updated due to impact of lower oil prices

The recent drop in the price of oil has had knock-on effects for company credit risk around the world. Among the 14 sectors analysed, Coface has identified one big winner and one big loser, with the corresponding assessments revised upwards or downwards.

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New infographics, The US automobile sector : a risky recovery?

Discover the new Coface infographics (April 2015)

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Coface announces the publication of its 2014 Registration Document

The Registration Document of COFACE SA for 2014 (Document de référence 2014) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on April 13th, 2015.

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Five advanced economies will avoid the risk of "secular stagnation" within the next decade

Not all advanced economies are in the same position when it comes to this risk of long-term stagnation and some exceptions stand out in what is a fragile global landscape. Which of the OECD’s advanced economies have what it takes to accelerate their growth over the next decade?

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Quarterly updated country risk and business environment assessments

Coface upgrades country risk assessments of two European economies and places Brazil under negative watch
Business environment in Russia downgraded to C

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New infographics : worldwide risk map

Discover the new Coface infographics

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Holding a leading position in business information, Coface starts credit-insurance in Israel

Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.

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Corporate overdue payments in China at high levels: 80% of corporates affected in 2014

Slower growth and increase in non-performing loans expected in 2015

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Impact of lower international oil prices on Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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Release by Coface relating to the management of State export credit guarantees

The French State has just announced today that it is about to launch a study that might result in the reconsideration of the management by Compagnie française d’assurance pour le commerce extérieur, a fully owned subsidiary of COFACE SA, of State export credit guarantees.

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Coface posts 2014 results in line with objectives and proposes distribution of €0.48 per share (1)

We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.

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Julien Marcilly appointed Coface Chief Economist

Julien Marcilly is appointed Chief Economist of Coface, with effect from 2 March 2015, reporting to Jean-Marc Pillu, CEO.

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2015 Country Risk Conference: In 2015, the global recovery will be laborious and subject to multiple risks

The global economy is on the path of gradual recovery. Less vigorous than before the 2008 crisis, global growth continues to follow a moderately accelerating trend.

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Poland’s construction sector - are turbulent times over?

Insolvency statistics for the Polish construction sector show that a milestone has been reached. It has transformed from a negative performer, feeding bankruptcy levels in 2010-2012, to the sector with one of the highest improvements in terms of insolvencies. Do these statistics indicate a long-term improvement for the entire sector? So far the housing industry, which is a small part of the construction sector, shows signs of improvement and new EU funds are helping to mitigate risks.

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Turkey: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets. Turkey entered this period with a high current accounts deficit, a production sector substantially dependent on imports and three successive elections.

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Middle East and North Africa region: What progress after the “Arab Spring”?

After a period of political and social turmoil, the economic activity is gaining strength in the Middle East and North Africa region. The growth is expected to stand at 2.6 percent in 2014 and to accelerate to 3.2 percent in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However the growth performance will continue to stand below the 2000-2010 average of 5.4 percent.

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Latin America - Growth picking up for Pacific countries

Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.

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Latin America - Growth picking up for Pacific countries

Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.

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Coface: A2 rating affirmed by Moody’s

Moody’s published on Wednesday December 24th 2014, an update of its credit opinion in which it affirmed Coface’s Insurer Financial Strength (IFS) rating at 'A2', Outlook Stable.

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Coface obtains credit insurance license in Morocco and strengthens its leading position in Africa

Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, Monday December 15th, a press release in which it affirmed Coface’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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“Low-flation” in France, the sign of a change in pace of growth

In a context of slow inflation (“low-flation”) and flat growth, France is in danger of not being able to escape the vicious circle of falling prices. Is it possible that France, without going to the extremes of the deep depression of the 1930s in the United States and a number of European countries, could experience a lengthy period of price and growth stagnation, such as happened in Japan between 1990 and 2010? And if so, what would it mean for the French economy and its companies?

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Company insolvencies: a limited decrease

The number of company insolvencies over the past 12 months stood at 63,002 companies at the end of October. Coface registered a 0.9% fall over the year.

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After the economic crisis, what does the future hold for pharmaceutical companies in Europe?

The pharmaceutical sector’s dependence on the economic situation of European countries proved to be crippling for the industry during the 2008-09 crisis, and once again during the sovereign debt crisis of 2011-12. Particularly weakened by reduced health expenditure in Europe, pharmaceutical companies are now looking to revive, expand into new markets and invest in niche markets to break the deadlock.

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Coface quarterly sector risks assessments : 14 sectors in three major regions of the world

North American chemicals, transport, textiles and clothing upgraded from "medium risk" to "low risk"
In North America, sector risk has improved due to the positive economic outlook and the drop in oil prices

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Polish insolvencies stop rising - but for how long?

The insolvency statistics for Polish companies reflect an improvement during the first half of 2014. In total 402 companies declared bankruptcy, representing a decrease of 11.5% compared to the same period in 2013.

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Results at 30 September 2014: Coface continues to progress on a path of growth and profitability

Coface’s performance is in line with objectives. At the end of these first nine months, the Group has posted satisfactory growth and solid profitability.

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Updated country risk assessments

A slow recovery but a recovery nonetheless in the Eurozone, political and financial instability in large emerging countries.

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Global trade: a return to pre-crisis levels is unlikely, but the potential for growth exists

Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change.

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UAE economy grows stronger thanks to effective diversification policy

- 5% growth projected for 2014 on the back of successful diversification policy
- Favourable business environment, supported by new company law to improve transparency
- Debt profile improves. Financing needs of government-related entities (GRE) continues to be a question

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Carrot-and-stick : Challenges ahead for the Chinese economy

Since the beginning of the year, the Chinese government has continued its efforts to implement various items on the reform agenda, particularly those concerning...

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Coface quarterly sector risks survey : 14 sectors in three major regions of the world

Nil growth recorded in the eurozone in Q2 2014 confirms the scenario of an exceptionally slow recovery. However, according to Coface's forecasts, in 2014 growth in GDP will be...

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European airlines are among the least profitable in the world: what is the adaptation scenario?

At a time when it appears vital to capture the growth potential in Asia, European airlines are stumbling due to aggressive competition from low cost operators and airlines from the Gulf. Currently, they are among the least profitable in the world. Faced with these new constraints, what changes are conceivable?

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Launch of CofaMove application: CofaNet goes mobile

Coface now offers customers a mobile application providing access anywhere and at any time to the essential features of Cofanet, its online platform for managing credit insurance contracts. The application will be available for download at the Apple App Store and Google Play Store.

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Company insolvencies in Brazil: what to expect in the near future?

Restructuring and bankruptcy remain increasingly used procedures.
Activity in Brazil remains lacklustre, inflation above targets and interest rates are amongst the highest in the world. Various indexes show that confidence in Brazil remains down, while the low investment ratio continues to deteriorate.

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Romania at the front line of economic growth in 2013 – but will it catch up after the contraction in 2014?

Romania’s economic performance has made it one of the leaders in Europe’s recovery. Its growth has exceeded expectations, with GDP rising by 3.5% in 2013. Significant contributions came from the agricultural and industrial sectors, in particular from car production supplying mainly foreign customers. Although Romania will not continue this pace of growth in 2014, the outlook remains positive.

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Coface strengthens organisation in Asia, with appointment of Hung Wong as Asia-Pacific Regional Manager

In line with its pursuit of a dynamic growth strategy in Asia, Coface has appointed Hung Wong to run its Asia-Pacific operations and to the group’s Executive Committee.

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Results for the first half of 2014: Growth and profitability in line with guidance

Turnover growth of +1.8% on a like-for-like basis
Customer retention rate increased to 92.3% and production of new contracts up +14%

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Appointments to the Coface Board of Directors

The Combined General Meeting of Shareholders of COFACE SA, which was held on 2 June 2014, appointed four new independent directors with effect from 1 July 2014, for a term of four year

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Serbia becomes 98th market for Coface’s credit insurance offer

Coface, a world-leading credit insurer, is enriching its offer in Serbia through a local partnership with Axa. From now on, in addition to debt collection and business information services, Serbian companies can benefit from Coface’s longstanding expertise in credit insurance and its international footprint.

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Coface appoints Nicolas Garcia as Group Commercial Director

In this new position, he also becomes a member of the Group Management Board and the Executive Committee.

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Downgraded to A4, Brazilian economy gears towards a year of adjustments in 2015

Coface expects a considerable slowdown of GDP in 2014 (at +1.3% in 2014, down from +2.5% in 2013), due to household consumption growing at a slower pace, investments losing momentum and a weak trade balance. Coface considers 2015 to be a turning point, boosting GDP in the medium term.

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Success of the Coface IPO

"During the IPO, we received a warm welcome from investors, who were particularly receptive to us, both in France and abroad. This makes us proud of the work of our teams around the world to build a solid group, which is profitable and has confirmed growth prospects[...]" Jean-Marc PILLU, Coface Chief Executive Officer

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The Turkish economy - what to expect in 2014

Prior to the forthcoming presidential elections in August 2014, Coface is cautious in its assessment of corporate risks in Turkey. If political tensions rise again, as happened in December and January, investors may flee the country which could result in a fluctuation in Forex markets. Such a situation would negatively impact the corporate sector’s external debt stock, already at a record high.

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The UK upgraded to A2 due to the strength of its recovery

Affected in 2009 by a recession more intense than other European countries under the effect of a sharp drop in household consumption and investment, the British economy is currently distinguished by the strength of renewed growth (1.8% in 2013). Forecast at +2.7% in 2014 by Coface, it could be as dynamic as that of the United States and exceed Germany (2%).

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Coface notes an improvement in risks in Western Europe and in "new" emerging economies

The first quarter of 2014 confirmed the acceleration in global growth: according to Coface's forecasts, after 2.6% in 2013, growth will be close to 3% in 2014 and 3.3% in 2015.

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Stabilisation of corporate overdue payments in Asia Pacific but new worries over slowing growth in China

According to the Coface survey of credit risk management in Asia Pacific , corporate payment experience in the region stabilized overall in 2013, with the exception of companies in Australia and China which saw a greater number of non-payments. Slowing growth in China remains a concern for corporates in other economies in the region in 2014.

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Coface pursues its strategy of innovation, expanding its CofaNet online offer with Policy Master and Cash Master

With these two complementary offers, Coface facilitates credit management teams’ risk management and access to financing.

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Coface forecasts a 13% drop in SME insolvencies in Spain and stabilisation in France in 2014

With comparable profiles in terms of entrepreneurial activity, Spain and France are following a worrying trend in terms of company insolvencies. However, SMEs in the two countries have evolved differently since the 2008-2009 crisis, and insolvency forecasts for 2014 further underline this divergence.

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With Coface, trade in total confidence

Watch the video to see why choosing Coface ensures peace of mind, whatever the circumstances.

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Coface’s first quarter 2014 earnings (January to March)

Significant improvement in all operational and financial indicators

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CofaServe, an electronic data exchange solution to facilitate day-to-day business

Following its innovative offer aimed at SMEs, Coface is targeting the specific needs of larger companies who manage a significant number of credit limits.

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Insolvencies in Central and Eastern Europe 2013: New peak with 70,000 companies affected.

Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and household consumption decreased due to fiscal measures designed to tackle rising budget deficits. Access to credit was further constrained in line with reduced supply and demand for new loans.

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New paradigm for the electronics industry in Asia: clear dynamism, increased risks

Emerging Asia is the new epicentre of electronics innovation. Local companies are now counting on the internalisation of production and research. However, the dynamism of the sector faces new risks, as the gradual rise in unpaid invoices. In 2013, close to 3 out of 4 companies in the electronics & IT sector in Asia-Pacific experienced overdue payments.

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Coface quarterly credit risks survey: 14 sectors in three major regions of the world

Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.

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Coface named Elite Credit Insurance Company at the Milano Finanza Insurance & Previdenza Awards

For the second year running, Coface has won the Milano Finanza Insurance & Previdenza Awards.

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Coface launches an innovative offering for SMEs: EasyLiner, a simple on-line solution to protect against unpaid invoices

Coface has developed a tailored SME offering with two aims in mind: protection and ac-cessibility. EasyLiner provides quality cover adapted to the needs of SMEs, as well as an easy subscription process, leaving businessmen free to concentrate on their core business.

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Coface identifies 10 emerging countries hot on the heels of the BRICS

After 10 years of frenetic growth, the BRICS are slowing down sharply: for 2014, Coface forecasts growth of on average 3.2 points lower than the average growth these countries registered over the previous decade. At the same time, other emerging countries are accelerating their development.

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Country risk assessments : United States one of best risks whilst major emerging economies struggle

The upturn in the advanced economies (1.9% forecast for 2014, after 1.2% in 2013) is reflected in the upwards revision of the country risk assessments for the United Kingdom and the United States, which join the best risk category.

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China sees highest level of corporate overdue payments since 2010

Coface’s survey of corporate credit risk management in China, carried out in the fourth quarter of 2013, revealed that 8 out of 10 companies in China experienced overdue payments in 2013. The chemical, industrial machinery and household electric & electronic appliances sectors are at higher risk. Since credit facilities will remain tight in 2014, a deterioration in corporate payments could lead to a significant ripple effect in China’s shadow banking market.

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2013 Annual results

Good commercial dynamics and improvement in the loss ratio

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Coface UK & Ireland wins at the ICM British Credit Awards 2014

Coface UK & Ireland scooped the prestigious title of Credit Insurer of the Year last night at the credit industry’s annual awards in London. The British Credit Awards are held by the Institute of Credit Management (ICM), Europe’s largest credit management organisation.

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Coface launches a direct offering in Colombia

As a leading credit insurer in Latin America, the Group now operates directly in 9 of the region’s countries.

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China in 2014: stable growth with risks of financing and overcapacities. Risks remain in several sectors

2014 is a year of divergence for the Chinese economy, representing the diverging trends of macro and micro environments. Focus of 2014: rising cost of funds.

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Videos: find all Coface Country Risk Conference speeches and debates

The 18th edition of the Coface Country Risk Conference was held January 21, 2014 at the CNIT La Défense.Videos are now available on our Youtube channel.

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Country Risk Conference 2014: In 2014, favourable risk trend in advanced economies but persistent tensions in large emerging countries.

After a post-crisis readjustment between advanced and emerging countries, in 2014 global country risks are set to change in line with a more classic model.

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Coface 2014 Country Risk conference: <br>follow us on Twitter and YouTube

Coface is organising a conference at CNIT Paris-La Défense to help players in the field of international trade make export and investment decisions. Follow our next Country Risk Conference live on Twitter on the 21 January 2014.

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Coface Quarterly ‘Panorama Sectors’ - Textiles

Positive changes in North America and Asia
Risks stabilise in Europe as the textile industry invests in innovation

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Patrice Luscan appointed Marketing & Strategy Director of Coface

As a member of the Group’s Management Committee, he will strengthen the strategic vision of Coface through the deployment of its strategic plan, Strong Commitment 2015.

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Company insolvencies in France : No improvement likely for 2014

Following a peak in intermediate sized company insolvencies, SMEs are again suffering most.
The number of French companies experiencing difficulties remains at a high level : Over the last twelve months Coface identified 62,431 company insolvencies, an increase of +4.3%.

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The construction sector, overrepresented among French company insolvencies, with risks that will continue to increase in 2014

The construction sector is currently in something of a paradoxical situation: More than one in three company insolvencies in France still come from this sector, despite the property market remaining relatively resilient during the 2008-2009 crisis.

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Coface CEE Top 500: Top companies with increasing turnover but sharply declining profits

Poland again ranked first, Hungary and Romania catching up while Ukraine dropping out of the Top 3

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Appointments at Coface

Cyrille Charbonnel, the former Group Chief Operating Officer, has been appointed Western Europe Region Manager

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Emerging Asia : Coface warns of growing risks linked to household debt

The growth potential in Asia remains high, driven by the middle class. Malaysia, South Korea, Singapore and Thailand: household debt similar to that of the United States at the time of the subprime crisis.

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Coface is optimistic about business risks in the United States and concerned about those of emerging countries such as Brazil and Thailand

Revised Country Risk assessments. Overall, advanced economies are doing better. The concerns come from the emerging countries, which are facing a structural decline in growth.

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Coface Quarterly "Panorama Sectors"

Coface downgrades its credit risk assessment in three business sectors: chemicals, pharmaceuticals and automotive.

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Coface is expanding with a global network of economists

The Group's economic research team is taking on a new international dimension by appointing economists in major regions around the world.

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How Coface credit insurance can help you to prevent non-payment of invoices

A straightforward and didactic video to present, in less than three minutes, how Coface credit insurance can help you to prevent non-payment of invoices.

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Brazil’s economic woes: any chance of a kick start?

The archetypal emerging country, Brazil passed the test of the great crisis of 2009 with flying colours. Four years on, social protests have begun to highlight the failure of its growth model.

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Coface wins the Le Fonti International Award, another major acknowledgment for Coface Italy

On 27 June, Coface was awarded the 2013 Le Fonti International Award in the special categories ‘Excellence in Credit Insurance’ and ‘Excellence in Services to Companies’.

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Coface is expanding further in Central Europe to offer credit insurance in Croatia

As of 1 July 2013, the first day of Croatia’s membership of the European Union, Coface simultaneously launches its credit insurance services in this country, to meet growing demand from companies.

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World growth forecasts updated - June 2013

Last updated of growth forecasts.

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A glimmer of hope for some advanced economies: Japan, Iceland, and Ireland

Coface has noted an improvement in a number of advanced economies : Japan, Iceland, and Ireland. On the other hand, the contraction in activity, financial problems and above all growing political and social pressures are increasing risk in South Africa and Tunisia

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Italy: Company payment practices worsen, reflecting the severity of the recession

The preponderance of fragile small companies and the sheer scale of late payment within the public sector.

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Coface moves to Bois-Colombes, a new milestone in its history

The Coface Group, a global market leader for credit insurance, is leaving La Défense to set up its headquarters in Bois-Colombes (a northwestern suburb of Paris).

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Victims of sluggish growth, businesses in Central Europe will not emerge from the crisis in 2013

Compared to Western Europe, defaults in Eastern Europe are accelerating at a very high rate.

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Coface launches its new corporate website, a tool to help companies prevent commercial risks and protect their transactions

Following the rollout of its new visual identity, Coface has redesigned its Group website.

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World growth forecasts updated - April 2013

World growth forecasts updated - April 2013

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The gap between Europe and the rest of the world is widening with regard to sector risk

Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.

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Antonio Marchitelli joins Coface as new Mediterranean and African Region Manager

Antonio Marchitelli has been appointed Mediterranean and African Region Manager of Coface, effective from March 1st 2013.

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Risks are back on the radar in emerging countries

"Political instability, increasing protectionism, credit bubbles" : emerging country risks have not disappeared altogether, but have changed form.

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In 2012 Coface improved its results despite the crisis

In an economic downturn, particularly in the euro area, Coface continues to grow its turnover.

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A new identity and a new tagline for Coface

The reflect a successful strategic refocusing.

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Worldwide launch of TopLiner

A supplemental cover beyond standard credit insurance.

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World growth forecasts updated - November 2012

Last updated of growth forecasts.

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Coface Global Solutions: A new service for multinational companies in 66 countries

A new service for multinational companies in 66 countries.

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France-Germany: comparative analysis of company insolvencies

The disturbing trend, observed during autumn 2012 about French company insolvencies, urged Coface economists to question themselves about the reasons which explain German companies’ resistance to the crisis.

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Coface continues global expansion, strengthening its presence in Africa

Coface guarantees are now available in 97 countries.

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Cécile Fourmann is appointed Human Resources Director of the Coface Group

Cécile Fourmann brings the Group her broad experience in change management in multicultural environments.

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Coface’s results for the first half of 2012

Sustained growth in turnover and in net profit.

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Cyrille Charbonnel is appointed Chief Operating Officer of the Coface Group

In this role, he will manage the operational functions of the Group together with Jean-Marc Pillu, Chief Executive Officer.

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Country risk assessments review

The crisis worsens in Southern Europe and the Indian model begins to show signs of struggle.

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Richard Burton is appointed Manager of the Asia Pacific Platform

He held the position of Deputy Manager up until he took over from Jean-Claude Speitel who retired at the end of May.

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Companies’ payment behaviour in China

Stabilized overall financial situation for Chinese companies, despite difficulties in accessing credit.

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Jean-Michel Riou is appointed Manager of Coface Western Europe and Coface France

Jean-Michel Riou joins Coface as Manager of Coface Western Europe Platform and Coface France and integrates the Executive Committee of the Group.

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Laurent Mignon appointed Chairman of the Board of Directors of Coface

Laurent Mignon is the Chief Executive Officer of Natixis, shareholder of Coface. He takes over from François David, whose mandate has ended.

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Country risk assessments review

Improvement in Japan and the United States,but euro zone risk on the rise.

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Coface accelerates its profitable growth in 2011

The strategic refocusing on credit insurance has borne fruit.

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Coface has finalised the grouping of its 21 European credit insurance branches into one company

Coface has simplified and streamlined the structure of its European credit insurance activities.

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The construction sector

A persistent credit risk in most countries.

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Coface Country Risk

Companies’ solidity already impacted by the systemic crisis in Europe and political risks in emerging countries

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The food industry in the world

A companies under pressure faced with price volatility.

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