S&PGR Affirms Gothaer Group At 'A-'; Outlook Positive We expect Gothaer's profitability will be resilient to COVID-19 related pressure, and assume they will post net income of €70 million-90 million in 2020, and more than €100 million from 2021. Gothaer's sound solvency ratio and capital buffer securely above the 'AA' range according to our capital model further support the rating. We are affirming our 'A-' long-term issuer credit and financial strength ratings on Gothaer's core operating subsidiaries. The positive outlook indicates that we could upgrade Gothaer in the next 12-18 months if the group establishes a track record of firmly consolidating capital at very strong levels, while stabilizing investment risks at current levels. On Sept. 22, 2020, S&P Global Ratings
