12/20/2017
Country risk and economic studies
Turkey’s economy recorded substantial growth during the first three quarters of 2017, up by 7.4% compared to a year earlier. This was achieved despite the series of shocks which occurred in the country in 2016 (...)
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12/12/2017
Country risk and economic studies
The increasing preference of households for organic food is reflected in the sector’s very strong growth which is expected to exceed €8 billion in 2017
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11/27/2017
Country risk and economic studies
The second annual corporate payment survey for Germany carried out by Coface confirms many of the foregone trends. However, some improvements can be seen (...)
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11/24/2017
Country risk and economic studies
Insolvencies and restructuration proceedings increased by 14% in the first three quarters of 2017 compared to the same period last year. Most sectors experienced an increase in the number of proceedings.
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11/20/2017
Country risk and economic studies
After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017 saw a drop in production of nearly 2% (...)
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11/08/2017
Country risk and economic studies
On June 5 2017, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain (known as the quartet) announced they were breaking diplomatic ties with Qatar (...)
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11/07/2017
Country risk and economic studies
Almost twenty years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced. Bilateral trade has leaped over the past ten years (a total of $123 billion in 2016), driven, up to 2014, by exports, which have fallen by 51% since the peak.
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10/25/2017
Corporate news
We now see the full impact of the measures taken in the previous quarters within the Fit to Win strategic plan to drive down the loss ratio, in what is a still favourable economic environment. The net profit for the quarter, at €35m, shows significant progress compared to previous quarters.
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10/18/2017
Country risk and economic studies
The trajectory of Argentina´s economic rebound will be subject to the outcome of the upcoming midterm elections on October 22.
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09/29/2017
Country risk and economic studies
Morocco Corporate Payment Survey, first half of 2017: Extended payment periods across practically all sectors: 99 days on average in 2017, up from 82 days in 2016
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09/29/2017
Corporate news
Xavier Durand, Coface CEO, commented: “As we focus on executing our strategic plan, Fit to Win, these appointments bring a wealth of experience that helps drive our ongoing revitalisation and transformation into the most agile global trade credit partner in the industry.”
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09/28/2017
Corporate news
The measures taken by Coface to strengthen its risk infrastructure continue to bear fruit. They benefit from an improving economic environment, as growth in all large regions around the globe is on a positive momentum.
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09/27/2017
Country risk and economic studies
Corporate bond financing: an advantage in times of crisis?
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09/26/2017
Country risk and economic studies
World economic growth might not yet be at its highest (2.9% in 2017 and 2018), but there can be no denying that there are healthy signs.
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09/08/2017
Country risk and economic studies
Weak development of infrastructure in the region. Poor record in improving investment rates
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09/08/2017
Corporate news
Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.
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09/07/2017
Country risk and economic studies
Company insolvencies dropped by 14% in 2015 and 6% in 2016
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09/07/2017
Country risk and economic studies
2016 – a mixed year for CEE. The labour market boomed, while turnover and net profit of the largest companies decreased by -0.6% and -3.1% / CEE Top 500 companies increased their workforces in 2016. Lower regional unemployment rates / Poland (+3.3% in turnover) remains the biggest player, followed by Hungary (-11.5%) and the Czech Republic (-2.2%) / Sectors: automotive industry up (+8.6% in turnover), oil & gas sector down (-5.6%)
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07/31/2017
Country risk and economic studies
Political developments in the US have caused uncertainties over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions.
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07/28/2017
Corporate news
Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors
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07/28/2017
Corporate news
Operating income up 17.5% and net income at €20.2m
Improving guidance for 2017: net loss ratio 3pts better, at below 58%
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07/19/2017
Country risk and economic studies
The stagnation of low oil prices is weighing on liquidity conditions across Gulf Cooperation Council (GCC) countries. This is slowing down government fiscal revenues, (...)
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07/11/2017
Country risk and economic studies
Coface’s latest annual payment survey covered 2,795 corporates in the Asia Pacific region, focusing on 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey also traced the evolution of corporate payments in 11 sectors.
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07/04/2017
Country risk and economic studies
The second quarter of 2017 marked a new start for Europe, Russia and, on the sector side, for the automobile and agrofood industries in several countries (...)
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07/04/2017
Country risk and economic studies
12 Major sectors assessed worldwide
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07/03/2017
Country risk and economic studies
Coface in Italy win Le Fonti Awards 2017 as Exellence of the year in Credit Insurance (...)
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06/07/2017
Country risk and economic studies
Businesses have proven their resilience since the referendum, but a downturn in investments is starting to be seen.
The fall in growth (1.4% in 2017 and 1.2% in 2018) will lead to a rise in the number of business failures, of 8.7%1 and 8%1 respectively
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05/31/2017
Country risk and economic studies
Mixed resilience, first signs of Brexit during the exit negociations phase but still some positive points…
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05/24/2017
Country risk and economic studies
The diversification of the Russian economy, made necessary by a slump in oil prices that is set to last, is coming up against structural constraints that may well have a deleterious effect on its mid-term growth.
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05/23/2017
Corporate news, Product news
Coface’s new customer portal and fully revamped CofaNet online credit insurance contract management tool are being launched today. With the new solutions, customers will benefit from innovative features, unique access, customised content, advanced ergonomics, real time results displays and easier contacts.
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05/16/2017
Country risk and economic studies
Coface, the worldwide leader in trade credit management solutions and risk information services, has published its first-ever Credit Opinion Survey for the UAE region (...)
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05/02/2017
Corporate news
One of the priorities of Coface’s three-year strategic plan Fit-to-Win is to enhance Client Service.
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05/01/2017
Country risk and economic studies
Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption.
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04/26/2017
Corporate news
Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.
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04/13/2017
Corporate news
The Registration Document of COFACE SA for 2016 (Document de référence 2016 in French) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on April 12th 201
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03/30/2017
Country risk and economic studies
A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (...)
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03/21/2017
Country risk and economic studies
The widespread rise in the political risk conceals mixed regional dynamics
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03/21/2017
Country risk and economic studies
Conflicts grew by +100% between 2007 and 2015. 2017 likely to pay a heavy price, due to
intensification of armed conflicts
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03/21/2017
Country risk and economic studies
12 major sectors assessed worldwid
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03/21/2017
Country risk and economic studies
Main economic surprise of early 2017: the rise in business confidence is perceptible, but is not yet generating a positive widespread upturn in country and risk assessments.
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03/14/2017
Country risk and economic studies
The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.
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02/08/2017
Corporate news
“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)
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02/03/2017
Country risk and economic studies
Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;
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02/03/2017
Corporate news
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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01/24/2017
Country risk and economic studies
Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.
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01/23/2017
Country risk and economic studies
Four major risks for 2017 but some positives points...
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01/12/2017
Country risk and economic studies
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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01/02/2017
Corporate news
In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.
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12/20/2016
Country risk and economic studies
Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)
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12/19/2016
Country risk and economic studies
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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12/13/2016
Country risk and economic studies, Country Risk and Economic Studies
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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11/30/2016
Country risk and economic studies
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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11/25/2016
Country risk and economic studies
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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11/09/2016
Country risk and economic studies
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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11/07/2016
Corporate news
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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11/07/2016
Country risk and economic studies
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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11/03/2016
Corporate news
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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11/02/2016
Corporate news
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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11/02/2016
Corporate news
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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10/17/2016
Country risk and economic studies
Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks
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10/17/2016
Country risk and economic studies
European political calendar: crucial deadlines
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10/14/2016
Country risk and economic studies
Global growth: stability in developed countries, slight improvements among emerging economies
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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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09/30/2016
Corporate news
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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09/26/2016
Corporate news
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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09/23/2016
Country risk and economic studies
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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09/21/2016
Corporate news
Fit to Win 3-year plan financial ambitions
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09/20/2016
Country risk and economic studies
Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.
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09/20/2016
Corporate news
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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09/16/2016
Country risk and economic studies
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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09/14/2016
Country risk and economic studies
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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09/14/2016
Country risk and economic studies
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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09/09/2016
Country risk and economic studies
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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08/31/2016
Country risk and economic studies
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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08/30/2016
Country risk and economic studies
Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results
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08/26/2016
Country risk and economic studies
Despite the solidity of Germany’s economy, payment delays are still commonplace
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08/09/2016
Country risk and economic studies
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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07/27/2016
Corporate news
Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry
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07/18/2016
Country risk and economic studies
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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07/18/2016
Country risk and economic studies
Sector risks are still increasing in emerging markets
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07/13/2016
Country risk and economic studies
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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07/12/2016
Corporate news
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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07/11/2016
Country risk and economic studies
High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged
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07/08/2016
Country risk and economic studies
How countries have beat the competition
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07/05/2016
Corporate news
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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07/04/2016
Corporate news
...loss ratio of 63% to 66% for full year 2016
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07/01/2016
Corporate news
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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06/29/2016
Country risk and economic studies
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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06/29/2016
Country risk and economic studies
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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06/29/2016
Country risk and economic studies
15 countries identified as having high potential consumer markets
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06/17/2016
Country risk and economic studies
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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06/13/2016
Corporate news
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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06/06/2016
Country risk and economic studies
Country risk assessments of qualified countries: their current form
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06/02/2016
Corporate news
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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05/31/2016
Country risk and economic studies
Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets (...)
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05/25/2016
Country risk and economic studies
A number of positive indicators for the French economy appeared between January and April 2016.
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05/23/2016
Corporate news
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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05/17/2016
Country risk and economic studies
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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05/10/2016
Country risk and economic studies
Hungary is performing well, considering the context of struggling economies globally.
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05/04/2016
Corporate news
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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04/18/2016
Corporate news
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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04/14/2016
Corporate news
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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04/13/2016
Country risk and economic studies
Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.
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04/13/2016
Country risk and economic studies
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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04/13/2016
Country risk and economic studies
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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03/24/2016
Country risk and economic studies
The global economy is turning "Japanese": world growth remains low, despite ultra-expansionist monetary policies (...)
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03/24/2016
Country risk and economic studies
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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03/24/2016
Country risk and economic studies
Consult coface new infographics
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03/16/2016
Country risk and economic studies
Iran: Strengths, weaknesses, opportunities and threats
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03/16/2016
Country risk and economic studies
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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03/16/2016
Country risk and economic studies
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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03/02/2016
Country risk and economic studies
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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02/18/2016
Country risk and economic studies
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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02/16/2016
Country risk and economic studies
Lessons learned 2015, hope in 2016: situation of companies returning to normal
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02/09/2016
Corporate news
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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01/26/2016
Country risk and economic studies
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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01/26/2016
Country risk and economic studies
160 countries under the magnifying glas
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01/15/2016
Corporate news
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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12/09/2015
Country risk and economic studies
Marked by the commidities price fall and the slowdown in sales, 2015 requires a greater control over risks
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12/09/2015
Country risk and economic studies
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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12/09/2015
Country risk and economic studies
Europe's double positioning and Asia, the world's futur landing consumer
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12/09/2015
Country risk and economic studies
The temperature of 14 sectors in 3 of the world’s major regions
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11/24/2015
Country risk and economic studies
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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11/24/2015
Country risk and economic studies
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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11/16/2015
Country risk and economic studies
Coface forecasts growth of 4.4% for 2015/2016
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11/03/2015
Country risk and economic studies
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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11/02/2015
Corporate news
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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10/19/2015
Country risk and economic studies
Poland’s increased economic activity has already reached the levels required to stabilise the number of company insolvencies.
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10/15/2015
Country risk and economic studies
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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10/15/2015
Country risk and economic studies
Despite the strong domination of Chinese companies and overcapacity in Europe, the European market remains promising in the medium term.
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10/15/2015
Country risk and economic studies
Discover our new infografic focus on the future of the solar energy in Europe
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10/15/2015
Country risk and economic studies
Discover our sector risk infografics on the temperature of 14 sectors activity in the world
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10/06/2015
Corporate news
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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09/18/2015
Country risk and economic studies
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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09/18/2015
Country risk and economic studies
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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09/18/2015
Country risk and economic studies
Large and small emerging countries are experiencing strong turbulence
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09/17/2015
Country risk and economic studies
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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09/16/2015
Country risk and economic studies
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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09/09/2015
Country risk and economic studies
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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09/08/2015
Country risk and economic studies
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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09/06/2015
Country risk and economic studies
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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07/29/2015
Corporate news
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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07/29/2015
Corporate news
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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07/22/2015
Country risk and economic studies
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 (...)
Read More
07/17/2015
Country risk and economic studies
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.
Read More
06/22/2015
Corporate news
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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06/19/2015
Country risk and economic studies
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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06/19/2015
Country risk and economic studies
Downgrade for China. Economies affected by the fall in oil prices placed on negative watch.
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06/19/2015
Country risk and economic studies
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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06/17/2015
Country risk and economic studies
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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Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner.
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06/01/2015
Country risk and economic studies
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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05/26/2015
Country risk and economic studies
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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05/26/2015
Country risk and economic studies
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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05/26/2015
Country risk and economic studies
The dairy market
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05/11/2015
Country risk and economic studies
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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05/05/2015
Corporate news
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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04/29/2015
Country risk and economic studies
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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04/17/2015
Corporate news
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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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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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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04/15/2015
Other news, Press release
Discover the new Coface infographics (April 2015)
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04/13/2015
Corporate news
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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03/26/2015
Country risk and economic studies
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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03/26/2015
Country risk and economic studies
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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03/26/2015
Country risk and economic studies, Press release, Sectors Risk
Discover the new Coface infographics
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03/19/2015
Other news, Special
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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03/09/2015
Country risk and economic studies
Slower growth and increase in non-performing loans expected in 2015
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03/04/2015
Country risk and economic studies
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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02/23/2015
Corporate news
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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02/17/2015
Corporate news
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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02/02/2015
Corporate news
Julien Marcilly is appointed Chief Economist of Coface, with effect from 2 March 2015, reporting to Jean-Marc Pillu, CEO.
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01/26/2015
Country risk and economic studies
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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01/21/2015
Country risk and economic studies, Sectors Risk
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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01/20/2015
Country risk and economic studies
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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01/19/2015
Country risk and economic studies
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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01/14/2015
Country risk and economic studies
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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01/14/2015
Country risk and economic studies
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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01/05/2015
Corporate news
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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12/15/2014
Corporate news, Product news
Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.
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12/15/2014
Corporate news
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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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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12/12/2014
Country risk and economic studies
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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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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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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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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10/29/2014
Corporate news
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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10/24/2014
Country risk and economic studies
A slow recovery but a recovery nonetheless in the Eurozone, political and financial instability in large emerging countries.
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10/24/2014
Country risk and economic studies
Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change.
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09/29/2014
Country risk and economic studies
- 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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09/24/2014
Country risk and economic studies
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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09/23/2014
Country risk and economic studies
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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09/17/2014
Country risk and economic studies
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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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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09/08/2014
Country risk and economic studies
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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09/04/2014
Country risk and economic studies
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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08/25/2014
Corporate news
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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07/29/2014
Corporate news
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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07/28/2014
Corporate news
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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07/25/2014
Corporate news
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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07/21/2014
Corporate news
In this new position, he also becomes a member of the Group Management Board and the Executive Committee.
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07/10/2014
Country risk and economic studies
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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06/27/2014
Corporate news
"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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06/25/2014
Country risk and economic studies
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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06/17/2014
Country risk and economic studies
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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06/12/2014
Country risk and economic studies
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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06/05/2014
Country risk and economic studies
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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With these two complementary offers, Coface facilitates credit management teams’ risk management and access to financing.
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05/23/2014
Country risk and economic studies
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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05/15/2014
Corporate news
Watch the video to see why choosing Coface ensures peace of mind, whatever the circumstances.
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05/07/2014
Corporate news
Significant improvement in all operational and financial indicators
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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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04/29/2014
Country risk and economic studies
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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04/25/2014
Country risk and economic studies
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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04/25/2014
Country risk and economic studies
Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.
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04/17/2014
Corporate news
For the second year running, Coface has won the Milano Finanza Insurance & Previdenza Awards.
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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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03/25/2014
Country risk and economic studies
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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03/24/2014
Country risk and economic studies
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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03/06/2014
Country risk and economic studies
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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03/04/2014
Corporate news
Good commercial dynamics and improvement in the loss ratio
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02/18/2014
Corporate news
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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02/10/2014
Corporate news
As a leading credit insurer in Latin America, the Group now operates directly in 9 of the region’s countries.
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01/28/2014
Country risk and economic studies
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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01/24/2014
Country risk and economic studies
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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01/21/2014
Country risk and economic studies, Press release
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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01/16/2014
Corporate news, Country risk and economic studies
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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12/27/2013
Country risk and economic studies
Positive changes in North America and Asia
Risks stabilise in Europe as the textile industry invests in innovation
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12/04/2013
Corporate news
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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11/21/2013
Country risk and economic studies
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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11/21/2013
Country risk and economic studies
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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11/05/2013
Country risk and economic studies, Country Risk and Economic Studies
Poland again ranked first, Hungary and Romania catching up while Ukraine dropping out of the Top 3
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10/16/2013
Corporate news, Corporate news
Cyrille Charbonnel, the former Group Chief Operating Officer, has been appointed Western Europe Region Manager
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10/14/2013
Country risk and economic studies
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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10/14/2013
Country risk and economic studies
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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09/26/2013
Country risk and economic studies
Coface downgrades its credit risk assessment in three business sectors: chemicals, pharmaceuticals and automotive.
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09/19/2013
Corporate news
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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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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07/16/2013
Country risk and economic studies
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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07/02/2013
Corporate news
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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07/01/2013
Corporate news
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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06/28/2013
Country risk and economic studies
Last updated of growth forecasts.
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06/24/2013
Country risk and economic studies
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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06/24/2013
Country risk and economic studies
The preponderance of fragile small companies and the sheer scale of late payment within the public sector.
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06/24/2013
Corporate news
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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06/04/2013
Country risk and economic studies
Compared to Western Europe, defaults in Eastern Europe are accelerating at a very high rate.
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05/30/2013
Corporate news
Following the rollout of its new visual identity, Coface has redesigned its Group website.
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04/29/2013
Country risk and economic studies
World growth forecasts updated - April 2013
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04/18/2013
Country risk and economic studies
Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.
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03/28/2013
Corporate news
Antonio Marchitelli has been appointed Mediterranean and African Region Manager of Coface, effective from March 1st 2013.
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03/20/2013
Country risk and economic studies
"Political instability, increasing protectionism, credit bubbles" : emerging country risks have not disappeared altogether, but have changed form.
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02/28/2013
Corporate news
In an economic downturn, particularly in the euro area, Coface continues to grow its turnover.
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01/21/2013
Corporate news
The reflect a successful strategic refocusing.
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A supplemental cover beyond standard credit insurance.
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11/13/2012
Country risk and economic studies
Last updated of growth forecasts.
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A new service for multinational companies in 66 countries.
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10/11/2012
Country risk and economic studies
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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10/09/2012
Corporate news
Coface guarantees are now available in 97 countries.
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10/03/2012
Corporate news
Cécile Fourmann brings the Group her broad experience in change management in multicultural environments.
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09/06/2012
Corporate news
Sustained growth in turnover and in net profit.
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07/17/2012
Corporate news
In this role, he will manage the operational functions of the Group together with Jean-Marc Pillu, Chief Executive Officer.
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07/10/2012
Country risk and economic studies
The crisis worsens in Southern Europe and the Indian model begins to show signs of struggle.
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06/07/2012
Corporate news
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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05/31/2012
Country risk and economic studies
Stabilized overall financial situation for Chinese companies, despite difficulties in accessing credit.
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05/23/2012
Corporate news
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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05/15/2012
Corporate news
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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04/23/2012
Country risk and economic studies
Improvement in Japan and the United States,but euro zone risk on the rise.
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03/06/2012
Country risk and economic studies
The strategic refocusing on credit insurance has borne fruit.
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02/12/2012
Corporate news
Coface has simplified and streamlined the structure of its European credit insurance activities.
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01/24/2012
Country risk and economic studies
A persistent credit risk in most countries.
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01/16/2012
Country risk and economic studies
Companies’ solidity already impacted by the systemic crisis in Europe and political risks in emerging countries
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11/03/2011
Country risk and economic studies
A companies under pressure faced with price volatility.
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