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09/29/2021
Country risk and economic studies

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06/19/2016
Country risk and economic studies

Is the French economy definitely taking off?

A number of positive indicators for the French economy appeared between January and April 2016. Steady growth, which had begun in 2014 (+0.6% in Q1 2016 compared to Q4 2015) has gathered pace, driven by domestic demand.

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06/17/2016
Country risk and economic studies

Steel overcapacity around the world: risk reaches a high in 2016

Following a long period of increasing demand, driven by China in the 2000s, steel is suffering from weak growth in the global economy.

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05/24/2016
Country risk and economic studies

6. Coface Country Risk Conference 2016

„Changing global landscape. Opportunities and risks for Czech economy.“

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05/06/2016
Corporate news

Coface Q1-2016 results: A tough quarter in a polarized environment

This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.

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04/11/2016
Corporate news

Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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02/15/2016
Country risk and economic studies

Country risks again under tension in 2016

To be monitored: cheap oil, financial market volatility and the Chinese slowdown in advanceD countries and growing debt of companies in emerging countries

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01/05/2016
Country risk and economic studies

Poland Retail Panorama: Household spending is supporting the economy but challenges remain

The Polish retail sector benefits from increasing household consumption and rising consumer sentiment. As a result retailers have been able to generate higher turnover, but an intense competition and deflation period imposed reduced margins and low profits.

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11/19/2015
Product news

Coface launches Policy Master – Customized service tool enables more efficient credit insurance management

Coface pursues its strategy of innovation, expanding its online offer with Policy Master, an online application that will help clients in handling their policy more efficiently. With this new tool Coface facilitates credit organisation teams’ risk management by reducing administrative work and introducing alerts and notifications for clients.

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10/13/2015
Country risk and economic studies

Country risk assessment map - 3rd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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10/01/2015
Country risk and economic studies

Is a Chinese shadow cast over Asia?

China is trying to find a way to achieve healthier, more sustainable growth, but this is not completely painless for its economy – or for those of its neighbours. According to Coface estimates, growth is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment. We are witnessing a shift in the Chinese economic model. Which Asian countries will be the first victims if there is a hard landing? And which will enjoy the greatest immunity?

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09/17/2015
Country risk and economic studies

Company insolvencies in Western Europe: a drop of 7% expected in 2015 but situation is contrasted

Company insolvencies in Western Europe have experienced two successive storms. The subprime crisis, which made insolvencies jump by an average of +11% in the twelve countries studied was, unsurprisingly, followed by further shock waves, with increases of +8% in 2012 and +5% in 2013. Today the skies have begun to clear. The average drop of 9% observed in 2014 will continue with -7% in 2015 . While insolvencies continue to increase in Italy and Norway, they are seeing the positive impact of the timid recovery in the eurozone in ten other countries (Germany, Belgium, Denmark, Finland, France, the Netherlands, Portugal, United Kingdom and Sweden).

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08/27/2015
Country risk and economic studies

Coface CEE Top 500 companies

•2014: A year of improvement throughout the region - turnover increased by +2.1%
•Higher turnover of the biggest companies reflected better economic prospects in 2014
•Poland was the biggest player, Hungary had the highest growth rate and the Czech Republic recovered
•Sectors: Automotive industry (+10.6%) top, oil & gas sector flop (-3.9%)

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07/22/2015
Country risk and economic studies

The CEE automotive sector is highly dependent on foreign investments - but there are positive dynamics in domestic demand

The CEE region has become an attractive destination for investments by global car manufacturers. In 2014, 3.6 million vehicles were produced in Eastern Europe, equating to 21% of total EU production. In the CEE countries covered by Coface´s analysis there are 33 car factories, most of which were created by foreign direct investment (FDI) inflows. The analysis shows that despite high dynamics of car sales generated by local clients recently, CEE factories remain highly dependent on foreign demand.

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07/13/2015
Country risk and economic studies

Is India’s economic revival thanks to the Modi government?

In May 2015, the IMF highlighted India as “one of the bright spots in the global economy”, mainly due to more effective policies and the end of political uncertainty. Coface expects the country’s GDP growth to reach 7.5%. But to what extent have Modi’s reforms contributed to the recent pickup in growth? Are the improvements in the economy without risks?

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07/07/2015
Country risk and economic studies

Sub-Saharan Africa: three East African economies are sheltered from the economic storm

Although growth was accelerated by the high prices of commodities on which sub-Saharan Africa is highly dependent, the region must now deal with the effects of falling oil prices. The 45 countries screened by Coface are affected to different degrees.

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07/07/2015
Country risk and economic studies

Quarterly updated country risk assessments

Downgrade for China. Economies affected by the fall in oil prices placed on negative watch.

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06/18/2015
Product news

Launch of TradeLiner : Coface revamps its credit insurance offer for mid-market companies

Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner. The move follows on from the experience Coface gained through its first global non-payment protection offer introduced fifteen years ago and is based on its desire to work harder to help protect mid-sized companies operating in the real economy.

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06/11/2015
Country risk and economic studies

Coface Insolvency Monitor for Central and Eastern Europe: Economic perspectives improved but corporate challenges remain

CEE’s improved economic activity in 2014 resulted in the stabilisation of company insolvencies, with a minor drop of -0.5% in the regional average.

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06/11/2015
Country risk and economic studies

The end of milk quotas: New rules

April 1st 2015 marked the end of milk quotas in Europe, a regulatory tool imposed in 1984 in response to overproduction, leading to the so-called “butter mountain” and the “milk lake”. For the first time in 30 years, the market alone will determine the quantities of milk produced. Are French dairy farmers ready for this? Is the abolition of milk quotas going to make it possible for milk producers to supply the rapidly growing markets in Asia? Or to develop to meet the high level of demand for organic products?

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05/28/2015
Country risk and economic studies

Country Risk Conference 2015, hotel Barceló Prague

For the fifth year Coface is happy to be an organizer of its significant annual event, Country Risk Conference 2015. This important meeting of Coface clients and leading experts in the Czech business environment is constantly growing and retains its prestige.

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05/20/2015
Product news

Re-launch of Coface online business information marketplace

Coface, one of the the leading credit insurers and market leader for information in Central Europe, re-launches its online business information marketplace. InfoICON – the biggest database in CEE – provides online information on more than 43 million companies in Western, Central and Eastern Europe.

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05/19/2015
Corporate news

Coface begins 2015 with robust results: increased turnover and profitability in Q1

We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment.

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05/11/2015
Corporate news

Prague office moving

From Thursday 21st May 2015 12 a.m. till Monday 25th May 2015 7:00 a.m. will be in connection with the relocation of our company's restricted traffic office. Thank you for your understanding.

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05/11/2015
Country risk and economic studies

70% of companies in the Asia-Pacific Region experienced overdue payments in 2014

Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in eight economies. Seventy percent of the companies surveyed experienced overdues in 2014, the highest level in three years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% compared with the previous year. Companies in China, India, Hong Kong and Thailand are particularly affected.

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04/29/2015
Country risk and economic studies

Five advanced economies will avoid the risk of "secular stagnation" within the next decade

More than three years after the official recovery, advanced economies are struggling to return to a path of sustained growth. Some are even forecasting stagnant growth, a situation sometimes seen as irreversible. But not all advanced economies are in the same position when it comes to this risk of long-term stagnation and some exceptions stand out in what is a fragile global landscape. Which of the OECD’s advanced economies have what it takes to accelerate their growth over the next decade?

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04/29/2015
Corporate news

Holding a leading position in business information, Coface starts credit insurance in Israel

Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.

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03/26/2015
Country risk and economic studies

Quarterly updated country risk and business environment assessments

Coface upgrades country risk assessments of two European economies and places Brazil under negative watch
Business environment in Russia downgraded to C

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03/18/2015
Country risk and economic studies

Corporate overdue payments in China at high levels: 80% of corporates affected in 2014

Slower growth and increase in non-performing loans expected in 2015

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03/18/2015
Country risk and economic studies

Impact of lower international oil prices on Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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02/26/2015
Corporate news

Coface posts 2014 results in line with objectives and proposes distribution of €0.48 per share

We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.

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02/11/2015
Country risk and economic studies

2015 Country Risk Conference: In 2015, the global recovery will be laborious and subject to multiple risks

The global economy is on the path of gradual recovery. Less vigorous than before the 2008 crisis, global growth continues to follow a moderately accelerating trend.

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01/29/2015
Country risk and economic studies

Turkey: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets. Turkey entered this period with a high current accounts deficit, a production sector substantially dependent on imports and three successive elections.

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01/27/2015
Country risk and economic studies

Middle East and North Africa region: What progress after the “Arab Spring”?

After a period of political and social turmoil, the economic activity is gaining strength in the Middle East and North Africa region. The growth is expected to stand at 2.6 percent in 2014 and to accelerate to 3.2 percent in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However the growth performance will continue to stand below the 2000-2010 average of 5.4 percent.

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01/26/2015
Country risk and economic studies

Latin America - Growth picking up for Pacific countries

Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.

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12/19/2014
Corporate news, Product news

Coface obtains credit insurance license in Morocco and strengthens its leading position in Africa

Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.

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12/09/2014
Country risk and economic studies

Coface quarterly sector risks assessments : 14 sectors in three major regions of the world

North American chemicals, transport, textiles and clothing upgraded from "medium risk" to "low risk"
In North America, sector risk has improved due to the positive economic outlook and the drop in oil prices

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12/08/2014
Country risk and economic studies

After the economic crisis, what does the future hold for pharmaceutical companies in Europe?

The pharmaceutical sector’s dependence on the economic situation of European countries proved to be crippling for the industry during the 2008-09 crisis, and once again during the sovereign debt crisis of 2011-12. Particularly weakened by reduced health expenditure in Europe, pharmaceutical companies are now looking to revive, expand into new markets and invest in niche markets to break the deadlock.

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11/12/2014
Country risk and economic studies

Polish insolvencies stop rising - but for how long?

The insolvency statistics for Polish companies reflect an improvement during the first half of 2014. In total 402 companies declared bankruptcy, representing a decrease of 11.5% compared to the same period in 2013.

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11/05/2014
Country risk and economic studies

Global trade: a return to pre-crisis levels is unlikely, but the potential for growth exists

Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change.

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10/30/2014
Corporate news

Results at 30 September 2014: Coface continues to progress on a path of growth and profitability

Coface’s performance is in line with objectives. At the end of these first nine months, the Group has posted satisfactory growth and solid profitability.

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10/20/2014
Country risk and economic studies

UAE economy grows stronger thanks to effective diversification policy

- 5% growth projected for 2014 on the back of successful diversification policy
- Favourable business environment, supported by new company law to improve transparency
- Debt profile improves. Financing needs of government-related entities (GRE) continues to be a question

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10/03/2014
Country risk and economic studies

Carrot-and-stick : Challenges ahead for the Chinese economy

Since the beginning of the year, the Chinese government has continued its effort to carry out various items on the reform agenda, particularly on fine-tuning the structure of the Chinese economy. As domestic demand remains subdued, property market continues to be sluggish and over-capacity in some sectors remains unsolved, it would be unlikely China will achieve the 7.5% growth target. Coface expects the GDP growth of China could reach 7.4% in 2014, given more policy support in sight.

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10/02/2014
Country risk and economic studies

Coface quarterly sector risks survey : 14 sectors in three major regions of the world

Nil growth recorded in the eurozone in Q2 2014 confirms the scenario of an exceptionally slow recovery. However, according to Coface's forecasts, in 2014 growth in GDP will be ...

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10/01/2014
Country risk and economic studies

European airlines are among the least profitable in the world: what is the adaptation scenario?

At a time when it appears vital to capture the growth potential in Asia, European airlines are stumbling due to aggressive competition from low cost operators and airlines from the Gulf. Currently, they are among the least profitable in the world. Faced with these new constraints, what changes are conceivable?

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09/15/2014
Country risk and economic studies

Romania at the front line of economic growth in 2013 – but will it catch up after the contraction in 2014?

Romania’s economic performance has made it one of the leaders in Europe’s recovery. Its growth has exceeded expectations, with GDP rising by 3.5% in 2013. Significant contributions came from the agricultural and industrial sectors, in particular from car production supplying mainly foreign customers. Although Romania will not continue this pace of growth in 2014, the outlook remains positive.

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09/11/2014
Product news

Launch of CofaMove application: CofaNet goes mobile

Coface now offers customers a mobile application providing access anywhere and at any time to the essential features of Cofanet.

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08/28/2014
Corporate news

CEE TOP 500 Companies: Stumbling top players with modest increases in turnover

The international credit insurance company Coface presents its sixth annual study on the Top 500 companies in Central and Eastern Europe – the Coface CEE Top 500. It ranks the 500 biggest businesses in the region by their turnover and additionally analyses further facts such as number of employees, the framework of the companies, sectors and markets.

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08/25/2014
Corporate news

Coface strengthens organisation in Asia, with appointment of Hung Wong as Asia-Pacific Regional Manager

In line with its pursuit of a dynamic growth strategy in Asia, Coface has appointed Hung Wong to run its Asia-Pacific operations and to the group’s Executive Committee. Based in Hong-Kong, he will be able to draw on extensive regional experience and a strong track record in sales, channel management and partner development to grow Coface’s business in the region.

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08/01/2014
Corporate news

Serbia becomes 98th market for Coface’s credit insurance offer

Coface, a world-leading credit insurer, is enriching its offer in Serbia through a local partnership with Axa. From now on, in addition to debt collection and business information services, Serbian companies can benefit from Coface’s longstanding expertise in credit insurance and its international footprint.

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07/31/2014
Country risk and economic studies

The Turkish economy - what to expect in 2014

Prior to the forthcoming presidential elections in August 2014, Coface is cautious in its assessment of corporate risks in Turkey. If political tensions rise again, as happened in December and January, investors may flee the country which could result in a fluctuation in Forex markets. Such a situation would negatively impact the corporate sector’s external debt stock, already at a record high.

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07/29/2014
Country risk and economic studies

Downgraded to A4, Brazilian economy gears towards a year of adjustments in 2015

Coface expects a considerable slowdown of GDP in 2014 (at +1.3% in 2014, down from +2.5% in 2013), due to household consumption growing at a slower pace, investments losing momentum and a weak trade balance. Coface considers 2015 to be a turning point, boosting GDP in the medium term.

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07/21/2014
Corporate news

Coface appoints Nicolas Garcia as Group Commercial Director

In this new position, he also becomes a member of the Group Management Board and the Executive Committee.

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07/03/2014
Country risk and economic studies

The UK upgraded to A2 due to the strength of its recovery

Affected in 2009 by a recession more intense than other European countries under the effect of a sharp drop in household consumption and investment, the British economy is currently distinguished by the strength of renewed growth (1.8% in 2013). Forecast at +2.7% in 2014 by Coface, it could be as dynamic as that of the United States and exceed Germany (2%).

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07/02/2014
Country risk and economic studies

Coface notes an improvement in risks in Western Europe and in "new" emerging economies

The first quarter of 2014 confirmed the acceleration in global growth: according to Coface's forecasts, after 2.6% in 2013, growth will be close to 3% in 2014 and 3.3% in 2015.

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07/01/2014
Country risk and economic studies

Stabilization of corporate overdue payments in Asia Pacific but new worries over slowing growth in China

According to the Coface survey of credit risk management in Asia Pacific, corporate payment experience in the region stabilized overall in 2013, with the exception of companies in Australia and China which saw a greater number of non-payments. Slowing growth in China remains a concern for corporates in other economies in the region in 2014.

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06/18/2014
Country risk and economic studies

Coface forecasts a 13% drop in SME insolvencies in Spain and stabilisation in France in 2014

With comparable profiles in terms of entrepreneurial activity, Spain and France are following a worrying trend in terms of company insolvencies. However, SMEs1 in the two countries have evolved differently since the 2008-2009 crisis, and insolvency forecasts for 2014 further underline this divergence. SMEs are over-represented in insolvencies in France and still more so in Spain

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06/17/2014
Country risk and economic studies

New paradigm for the electronics industry in Asia: clear dynamism, increased risks

Emerging Asia is the new epicentre of electronics innovation. Local companies are now counting on the internalisation of production and research. However, the dynamism of the sector faces new risks, as the gradual rise in unpaid invoices. In 2013, close to 3 out of 4 companies in the electronics & IT sector in Asia-Pacific experienced overdue payments.

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05/28/2014
Country risk and economic studies

Country Risk Conference 2014 in Prague

Topic: Europe in the breaking period
May 28th in hotel Jalta.

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04/30/2014
Country risk and economic studies

CEE Insolvency Report 2013: Increased insolvencies due to weak economic framework

The record year of 2012 was even topped in 2013: 5% more insolvencies in 2013 in CEE due to the slowdown of the Eurozone and fiscal measures

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04/14/2014
Country risk and economic studies

Country risk assessments : United States one of best risks whilst major emerging economies struggle

The upturn in the advanced economies (1.9% forecast for 2014, after 1.2% in 2013) is reflected in the upwards revision of the country risk assessments for the United Kingdom and the United States, which join the best risk category.

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04/11/2014
Country risk and economic studies

Coface identifies 10 emerging countries hot on the heels of the BRICS

After 10 years of frenetic growth, the BRICS are slowing down sharply: for 2014, Coface forecasts growth of on average 3.2 points lower than the average growth these countries registered over the previous decade. At the same time, other emerging countries are accelerating their development.

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04/09/2014
Country risk and economic studies

China sees highest level of corporate overdue payments since 2010

Coface’s survey of corporate credit risk management in China, carried out in the fourth quarter of 2013, revealed that 8 out of 10 companies in China experienced overdue payments in 2013. The chemical, industrial machinery and household electric & electronic appliances sectors are at higher risk. Since credit facilities will remain tight in 2014, a deterioration in corporate payments could lead to a significant ripple effect in China’s shadow banking market.

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04/03/2014
Corporate news

2013 annual results

Good commercial dynamics and improvement in loss ratio

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03/13/2014
Corporate news

On-line Coface Business Reports: now available for 54 countries

Coface, global Credit insurer and the leading Information provider in Central Europe, enhances its on-line offer on relevant and up-to-date information on buyers and their environment. The Business Reports will now be available for 54 countries ranging from the USA via Germany to Turkmenistan and Qatar.

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02/27/2014
Corporate news

Coface launches a direct offering in Colombia

As a leading credit insurer in Latin America, the Group now operates directly in 9 of the region’s countries.

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02/06/2014
Country risk and economic studies

China in 2014: stable growth with risks of financing and overcapacities

Risks remain in several sectors

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01/08/2014
Country risk and economic studies

Coface quarterly "Panorama Sectors" - Textiles

Positive changes in North America and Asia

Risks stabilise in Europe as the textile industry invests in innovation

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11/11/2013
Country risk and economic studies

Emerging Asia: Coface warns of growing risks linked to household debt

The growth potential in Asia remains high, driven by the middle class. Malaysia, South Korea, Singapore and Thailand: household debt similar to that of the United States at the time of the subprime crisis.

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11/06/2013
Country risk and economic studies

Coface is optimistic about business risks in the United States and concerned about those of emerging countries such as Brazil and Thailand

Revised Country Risk assessments. Overall, advanced economies are doing better. The concerns come from the emerging countries, which are facing a structural decline in growth.

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10/29/2013
Country risk and economic studies

Coface Quarterly "Panorama Sectors"

Coface downgrades its credit risk assessment in three business sectors: chemicals, pharmaceuticals and automotive

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09/02/2013
Country risk and economic studies

Coface CEE Top 500: Top companies with increasing turnover but sharply declining profits

Poland again ranked first, Hungary and Romania catching up while Ukraine dropping out of the Top 3

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03/01/2013
Product news

Worldwide launch of TopLiner

A supplemental cover beyond standard credit insurance.

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01/21/2013
Corporate news

A new identity and a new tagline for Coface

The reflect a successful strategic refocusing.

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