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’sStandard & Poor’sDBRS
Rating AaaAA+ AAA
Outlook Outlook stableOutlook stableOutlook stable
Published inNovember 2019 December 2019 November 2019 
Minimum over-collateralization
for current rating
5.0 %8.6 % 5.0 %
 Last published report June 2018December 2018October 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.