Ratings Recap: Atradius/CyC

May 31, 2007

Standard & Poor’s Ratings Services said that its ratings and outlook on Netherlands-based credit insurance group Atradius, and Spanish credit insurer Compañía Española de Seguros y Reaseguros de Crédito y Caución S.A. (CyC) are “unaffected by the announcement of a possible change in the shareholder structure of Grupo Crédito y Caución (GCC; not rated), which is currently the 100 percent owner of CyC and the future holder of 64.2 percent of Atradius upon completion of the combination of Atradius and CyC.” S&P rates Atradius main operating entities “A” with a stable outlook, and also rates CyC “A” with a stable outlook.

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