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’sDBRS
Rating Aaa AA+ AAA
Outlook Outlook stable Outlook stableOutlook stable
Published inSeptember 2020August 2020September 2020
Minimum over-collateralization
for current rating
5.0 % 6.5 % 5.0 %
 Last published report June 2018 December 2020October 2019
 Other informationRating affirmedRating 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.