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Caisse d'Amortissement de la Dette Sociale Jan 03
Standard & Poors, Jan 2003
Abstract
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+) support for the issuer's obligations. CADES was established in 1996 as a cornerstone in a social security reform program introduced in 1995. CADES is a special-purpose vehicle with the sole purpose of refinancing and eventually paying off some of the accumulated debt of the social security system. The debt transferred to CADES is financed by the proceeds from a specifically earmarked social security levy, the 'Contribution au Remboursement de la Dette Sociale' (CRDS). To date, CADES has assumed -34.6 billion of debt originating from cumulative deficits of the various social security funds between 1994 and...
Companies mentioned in this report are: Caisse d'Amortissement de la Dette Sociale,Caisse Nationale des Autoroutes,Societe Nationale des Chemins de Fer Francais,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Reseau Ferre de France,Banque de France,Societe Anonyme de Gestion de Stocks de Securite
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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