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|
|Outlook||Outlook stable||Outlook stable||Outlook stable|
|Published in||February 2019||December 2018||September 2018|
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.