2008-11-09 15:34:01 -

www.ambest.com - A.M. Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of "a" to Atradius Trade Credit Insurance, Inc. (ATCI) (Baltimore, MD). The outlook for both ratings is stable.

The ratings reflect ATCI's strong capitalization, conservative leverage, consistently profitable operating results, the expertise of the management team within the trade credit

field and the strong risk management culture permeating all levels of the company's operations.

Somewhat offsetting these positive attributes are ATCI's heavy reliance on reinsurance, including that provided through its Irish affiliate, Atradius Reinsurance Limited (Atradius Re) (Dublin, Ireland). Nevertheless, all reinsurance balances due from Atradius Re are secured through a combination of ceded balances payable and letters of credit, resulting in a much reduced level of credit risk. The rating outlook reflects A.M. Best's expectation that ATCI will continue to grow profitably through prudent expansion and capital growth.

ATCI writes business in 49 states, with a license pending in Florida. It also is well positioned to grow its accounts receivable business in the United States as more clients recognize the need for this form of insurance to protect themselves against defaulting debtors, as well as to provide additional security behind their clients' bank borrowings. ATCI operates in New Jersey through its wholly owned and 100% reinsured affiliate, Atradius Trade Credit Insurance Company, New Jersey (ATCI-NJ) (West Trenton, NJ).

ATCI-NJ has been assigned a category NR-3 (Rating Procedure Inapplicable). ATCI's ultimate parent, Atradius N.V. (The Netherlands), is a leading international trade receivables insurer with a strong presence in Europe and the Americas.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts
John E. Serino, CPCU, ARM, 908-439-2200, ext. 5712
john.serino@ambest.com
or
Gerard Altonji, 908-439-2200. ext. 5626
gerard.altonji@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com