OTTAWA, Aug. 24 /CNW Telbec/ - Export Development Canada (EDC) has been
assigned a first-time insurance financial strength (IFS) rating of Aaa by
Moody's Investors Service, the highest such rating assigned by Moody's.
EDC is the first export credit agency to receive an Aaa IFS rating from
Moody's, which was issued August 17, 2009, and the only reinsurer in the world
currently having an Aaa IFS rating from Moody's.
"This is the global standard for insurers and the rating will facilitate
our work with our Canadian and international partners in the private surety,
credit insurance and political risk insurance industries," said Eric Siegel,
EDC's President and CEO.
By having the highest possible IFS rating, EDC's ability to help Canadian
exporters to bridge gaps in private sector insurance and capital markets is
increased because international financial institutions will be better able to
assess risk in transactions involving EDC's insurance or reinsurance.
Moody's insurance financial strength ratings are opinions of the ability
of insurance companies to pay punctually senior policyholder claims and
IFS ratings are internationally recognized in the insurance/reinsurance
industry and are increasingly important for (re)insurers, rating agencies and
regulators as they assess counterparty risk and capital adequacy during the
current economic downturn.
This new insurance rating complements Moody's rating of EDC's debt
securities. Moody's currently maintains Aaa senior unsecured debt ratings
(both local-currency and foreign-currency) and a Prime-1 short-term debt
rating for commercial paper on EDC.
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, is a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.
For further information:
For further information: Media contact: Phil Taylor, Export Development
Canada, Tel: (613) 598-2904, Blackberry: email@example.com