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
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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Research type: News
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