Caisse d'Amortissement de la Dette Sociale Sep 04

Standard & Poors, September 2004

Abstract
Strong support from and supervision by the Republic of France (AAA/Stable/A-1+). Robust legal and financial framework underpinning the fund's activities. Predictable tax flows earmarked for the amortization of CADES' debt. Absence of a formal and explicit guarantee from the Republic covering the fund's debt. The ratings on Caisse d'Amortissement de la Dette Sociale, or Fund for the Amortization of Social Security Debt (CADES), reflect the Republic of France's (AAA/Stable/A-1+) continued support for CADES' obligations, which is unaffected in the context of ongoing social security reforms. CADES was established in 1996 with the sole purpose of refinancing and eventually paying off part of the accumulated debt of France's social security system. The debt transferred to CADES is financed by the proceeds...

Companies mentioned in this report are: Caisse d'Amortissement de la Dette Sociale,Caisse Nationale des Autoroutes,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Caisse Centrale de Reassurance,Banque de France
Action: Review

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Research Type: Full Analysis

Caisse d'Amortissement de la Dette Sociale,Caisse Nationale des Autoroutes,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Caisse Centrale de Reassurance,Banque de France

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