S&P Global Ratings affirms Credendo’s excellent ratings

• S&P Global Ratings affirmed the ‘AA’ rating of Credendo – Export Credit Agency
• Credendo – Trade Credit Insurance remains rated ‘A’ with a stable outlook
• Credendo – Guarantees & Speciality Risks continues to carry an ‘A-’ rating, with a positive outlook
• Credendo – Export Credit Agency reported a consolidated net profit of EUR 266 million for 2024

Affirmation of all Credendo ratings and outlooks

S&P Global Ratings affirms the ‘AA’ long-term and ‘A 1+’ short term issuer credit ratings of Credendo – Export Credit Agency, Credendo’s parent company. Its critical role in supporting Belgium’s trade policy is underlined in the report.  

S&P Global Ratings also affirms the ‘A’ financial strength rating of subsidiary Credendo – Trade Credit Insurance with a stable outlook. As a reminder, this entity is the result of the merger by absorption of Credendo – Short-Term EU Risks by Credendo – Short-Term Non-EU Risks on 1 January 2025.

The 'A-’ financial strength rating of subsidiary Credendo – Guarantees & Speciality Risks with a positive outlook is also affirmed.

Credendo – Export Credit Agency posted a consolidated net profit of EUR 266 million for 2024 based on IFRS17, accompanied by a significant increase in insured transactions. The entity achieved a record income from written premiums.

Future

The negative outlook on Credendo – Export Credit Agency directly mirrors that of Belgium. S&P Global Ratings highlights that the rating could be revised to stable if Belgium’s outlook is adjusted accordingly and expects that Credendo will maintain its critical role and integral link with the state.
 

Spokesperson:                
Nabil Jijakli                    
Deputy CEO                    
rue Montoyerstraat 3                
1000 Brussels                    
E n.jijakli@credendo.com
M +32 478 25 11 33

Press contact:
Griet Van Gorp
Content and Press Relation Specialist
E g.vangorp@credendo.com 
M +32 473 33 20 50