Euler Hermes has had its credit and financial strength rating downgraded by Standard and Poor’s.
Standard and Poor’s has downgraded Euler Hermes credit and financial strength rating downgraded. The downgrade was a direct result of restructuring.
The ratings agency withdrew its AA long term counterparty credit and financial strength
rating on the trade credit insurers, after the company restructured by merging 13 subsidiaries into the Belgian operating entity Euler Hermes Europe, including Euler Hermes UK plc.
Euler Hermes originally restructured the business to streamline its legal structure and merged 13 divisions into its European operating business in Belgium, with effect from 31 December 2011.
S&P said that, at the time of withdrawal, the ratings had been on “Creditwatch negative” which meant a downgrade was likely, although the ratings for Euler Hermes Europe remain unchanged.
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