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Rating Assigned To BPCE SFH's First Covered Bond Issuance Under The New French SFH Legal Framework Product Image

Rating Assigned To BPCE SFH's First Covered Bond Issuance Under The New French SFH Legal Framework

  • Published: May 2011
  • Region: France
  • Standard & Poors

Abstract
OVERVIEW We have assigned a 'AAA' credit rating with a stable outlook to BPCE SFH's inaugural issuance of "obligations de financement de l'habitat". BPCE SFH used the proceeds of the covered bonds to fund a credit facility for Banques Populaires, Caisses d'Epargne, and BPCE. LONDON (Standard & Poor's) May 12, 2011--Standard & Poor's Ratings Services today assigned a 'AAA' credit rating to BPCE SFH's inaugural issuance of "obligations de financement de l'habitat" (OHs; French legislation-enabled covered bonds). The outlook is stable (see list below). Key features of the covered bond program include: Under the new SFH legal framework, the issuer--a special-purpose entity which is a regulated and a licensed financial institution--issues OHs, which rank pari passu with each other. OH...

Companies mentioned in this report are: BPCE SFH
Action: New Rating

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BPCE SFH

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