A.M. Best has renewed the 'A' (excellent) rating for GCO's main operating entities, with a stable outlook

"The agency reaffirms the rating and long-term credit rating of Occident and Atradius"

The rating agency A.M. Best has confirmed the ratings for Occident and Atradius, the main operating entities of GCO in life and non-life insurer business and in credit insurance, respectively. Specifically, both companies retain the financial strength rating of 'A' (excellent) and the long-term credit rating of 'A+' (excellent), both with a stable outlook.

Maintaining these ratings demonstrates Occident's and Atradius's strength and financial capacity to develop their business in their respective markets. It also means the ratings obtained in previous years are maintained and this reflects the stability of GCO's main operating entities.

In the case of Occident, A.M. Best highlighted the strength of its balance sheet, assessed as very strong, also emphasising its low reliance on reinsurance, good liquidity and the absence of external debt. The rating agency stated that they also based their decision on Occident's solid operating profitability, its business profile, and adequate management of business risk. Similarly, A.M. Best highlighted Occident's consolidated and diversified presence across Spain and in the market's various distribution channels, reaffirming the insurer's commitment to territorial reach and its commitment to being close to the customer.

As for Atradius, the rating agency has highlighted the strength of its balance sheet, its high risk-adjusted capitalisation, its prudent financial management, the diversification of its business, and its ability to maintain solid results throughout the cycle. Along the same lines, it highlighted Atradius's strong financial flexibility, its liquidity, and a prudent investment portfolio.

Finally, the confirmation of the ratings of Occident and Atradius reflects the track record of GCO's support, both financial and operational, for both entities, which are strategic for the group.