Coface, the leading international credit insurance and credit management services group, announces 20 upgrades in country ratings, including for Hong Kong and Taiwan. Having been placed on negative watch list in April 2009, Hong Kong is now removed from the watch list. “The credit crisis, which has lasted two years since being announced in January 2008, has been of an unprecedented magnitude for the past 60 years,” said Richard Burton, Regional Managing Director, Greater China, of Coface. Since the second half of 2009, Coface has recorded a net reduction in payment defaults. Though payment defaults were still up 19 percent in the first half of 2009, they declined 40 percent in the second half.
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