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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

  • ID: 1786082
  • 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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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BPCE SFH

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