Singapore back to A1 rating Coface positions itself as the first Pan-Asian rating agency
The rating was released in conjunction with the Coface Country Risk Conference 2010 held for the first time in Singapore. Coface's country rating reflects the extent to which a country's economic, financial, and political outlook influences financial commitments of local companies. The Country Risk Conference covered international and regional trade post-crisis, focusing on the issues of China-led growth and intra-ASEAN trade in the second half of 2010. This conference is part of an annual series of conferences held in 12 countries this year around the world, with Singapore being the most recent addition.
"As trade activities grow globally and in the region, there will be a corresponding demand for risk management solutions. A vibrant insurance marketplace will be able to respond to these needs. Singapore can play a key role in providing political risk insurance to companies engaged in cross border investments in the region. We have therefore made efforts to boost capacity and attract expertise in the underwriting of specialized risks, including areas such as trade credit and political risks insurance," said the Minister for Trade and Industry, Mr. Lim Hng Kiang, who delivered the keynote address at the Country Risk Conference.