Coface Downgrades its United States Rating to A2

Coface analysis has shown a deterioration in the payment behavior of U.S. companies in January and February 2008.

 The tougher access to credit is
handicapping the most vulnerable companies operating in sectors that
revolve around domestic consumption. According to Coface, American
growth is likely to be weak or even negative in the first half of
2008 but should see a slight recovery in the second half of the year,
stimulated by economic policy and the dynamic demand observed in
emerging countries, which represent more than 50% of the country's
trading outlets.

The border countries have also been
impacted: Canada's A1 and Mexico's A3 ratings have both been
watch-listed with negative outlooks.