CGIC CREDIT RATING AFFIRMED AS AA+ (OUTLOOK STABLE)
It gives us great pleasure to advise that the claims paying ability of Credit Guarantee has been affirmed at AA+ (Outlook Stable) by Global Credit Ratings Company (GCR).
The credit insurance environment in South Africa remains under considerable stress, with persistently tough economic conditions, which we experience through an elevated level of adverse credit events across our portfolio.
CGIC nevertheless remains well capitalised with the shareholder support of Old Mutual Group and most recently, our strategic minority shareholder Atradius, one of the leading credit insurers in the world. Our liquidity, business profile and competitive position has also been factored into our credit rating. A full copy of the GCR report can be accessed on their website https://globalratings.net/news/article/gcr-affirms-credit-guarantee-insurance-corporation-of-africa-limiteds-
CGIC is committed to providing sustainable trade credit insurance and bonding solutions to all our valued policyholders and intermediaries. Thank you for your continued business support through these challenging times.