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Agence Centrale des Organismes de Securite Sociale (ACOSS) Jun 11
Standard & Poors, June 2011
Abstract
Extraordinary financial support of the Republic of France 'almost certain,' in our opinion. 'Critical role' for and 'integral link' with the central government. In our view, quasi unrestricted access to short-term funding through ultimate support from the French Treasury. Planned social security debt transfers to CADES throughout 2011, reducing ACOSS' short-term funding needs. Absence of a formal and explicit guarantee from the Republic of France. Past deficits not systematically transferred to CADES on a yearly basis, which has increased ACOSS' reliance on short-term funding and refinancing, especially in 2010. Standard & Poor's Ratings Services equalizes its rating on French social security agency, Agence Centrale des Organismes de Securite Sociale (ACOSS), with its short-term sovereign credit rating on the Republic of...
Companies mentioned in this report are: Agence Centrale des Organismes de Securite Sociale (ACOSS)
Action: Review
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: Full Analysis
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