Moody’s assigns Atradius notes Ba1

Moody's Investors Service said it assigned a Ba1(hyb) rating to the subordinated notes to be issued by Atradius Finance BV and guaranteed by Atradius NV.

Proceeds are expected to be on-lent to Atradius on the same interest, repayment and subordinated terms applicable to those of the notes.

The rating is based on the expectation that there will be no material difference between current and final documentation.

Moody’s said the rating was driven by (a) the unconditional and irrevocable guarantee provided by Atradius on a subordinated basis; (b) standard notching for debt issued or guaranteed from insurance holding companies for subordinated debt that lacks a mandatory trigger the agency considers to be "meaningful;" and (c) the existing A3 insurance financial strength rating on the main operating insurance companies of the Atradius group (including Atradius Credit Insurance NV, Credito y Caucion Seguros y Reaseguros SA, Atradius Reinsurance Ltd. and Atradius Trade Credit Insurance Inc.).

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