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Agence Francaise de Developpement Jun 04
Standard & Poors, June 2004
Abstract
Ultimate statutory guarantee of the Republic of France (AAA/Stable/A-1+) on all of the entity's obligations; A politically essential mandate as the principal instrument for French bilateral aid and concessionary lending to developing countries and to French overseas departments and territories; and A strong risk-adjusted capital ratio--adjusted common equity represented a satisfactory 30% of loans on a risk-weighted-assets basis at year-end 2003, up from 26.7% in 2002. Weak asset quality, owing to the very nature of its activities, although this is offset by a conservative provisioning policy and state guarantee mechanisms, resulting in marginal net loan losses; Lack of diversification of activities and revenues. The ratings on Agence Fran-aise de D-veloppement (AFD), the principal instrument for French bilateral aid and concessionary...
Companies mentioned in this report are: Agence Francaise de Developpement
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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