Research Update: Agence Fran?aise de D?veloppement Affirmed At 'AAA/A-1+' On Continued Close Links With The French State; Outlook Stable Sep 09

Standard & Poors, September 2009

Abstract
French development bank Agence Fran-aise de D-veloppement's activity remains critical to, and closely integrated with, government policy. The bank's balance sheet is expanding, but its stand-alone credit profile remains strong. We are affirming the 'AAA' issuer credit rating on AFD. The stable outlook integrates our expectation that AFD will maintain strong ties with the French government. On Sept. 10, 2009, Standard & Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on Agence Fran-aise de D-veloppement (AFD), the principal instrument for French bilateral aid and concessionary lending to developing and emerging countries and to French overseas territories. The outlook is stable. The ratings are equalized with the long-term ratings on the Republic of France (foreign currency...

Companies mentioned in this report are: Agence Francaise de Developpement
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Agence Francaise de Developpement

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