Rating

The ratings of the bonds issued by Caisse Française de Financement Local are at the highest level of credit quality (Step 1).This requires that the quality of the cover pool and strict management rules be consistent with the criteria and approaches*.

	Moody’s	Standard & Poor’s	DBRS
Rating	Aaa	AA+	AAA
Outlook	Outlook stable	Outlook stable	Outlook stable
Published in	February 2019	December 2018	September 2018
Minimum over-collateralization for current rating	5.0 %	8.9 %	5.0 %
Last published report	June 2018	December 2018	September 2018
Other information	Rating affirmed	Rating affirmed	Rating affirmed

*This rating involves :

a quarterly review of assets,
an agreement on the principles and the policy of hedging interest rate,
the satisfaction of stress scenarios and extinguishment of the balance sheet,
an appreciation of the relationship Caisse Française de Financement Local – sponsor bank, SFIL.

The specific management rules of Caisse Française de Financement Local provide additional security for investors who benefit from the legal privilege.