Credit Rating Announcement

GCR affirms Coface South Africa Insurance Company Limited’s rating of AA+(ZA); Outlook Stable.

Johannesburg, 30 Jun 2015 -- Global Credit Ratings has today affirmed the national scale rating assigned to Coface South Africa Insurance Company Limited of AA+(ZA); with the outlook accorded as Stable.

SUMMARY RATING RATIONALE

Global Credit Ratings (“GCR”) has accorded the above credit rating to Coface South Africa Insurance Company Limited (“Coface ZA”) based on the following key criteria:
Coface ZA’s risk adjusted capitalisation has been measured at moderately strong levels. Inclusive of the EUR7m guarantee from Cofinpar, a 100% owned subsidiary of Compagnie Francaise d’Assurance pour le commerce Exterieur (“Coface SA”), which GCR views as offering financial flexibility in adverse operating conditions, capital adequacy increases considerably. GCR expects capitalisation to remain at sound levels relative to expected Solvency Assessment and Management (“SAM”) parameters,