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Agence Francaise de Developpement's Proposed Upper Tier 2 Subordinated Notes Rated 'AA' Jul 06
Standard & Poors, July 2006
Abstract
PARIS (Standard & Poor's) July 13, 2006--Standard & Poor's Ratings Services said today that it assigned its 'AA' long-term debt rating to the proposed -500 million undated, subordinated, fixed-to-floating rate notes to be issued by Agence Fran-aise de D-veloppement (AFD; AAA/Stable/A-1+), the principal instrument for French bilateral aid and concessionary lending to developing countries and to French overseas departments and territories. 'AFD's proposed note issue will be rated two notches lower than the long-term issuer credit rating on the agency, in line with Standard & Poor's rating methodology for this type of hybrid capital instrument that has loss-absorption capacities derived from the issuer's option to defer interest payments under certain circumstances,' said Standard & Poor's credit analyst Nicolas Rivi-re. We...
Companies mentioned in this report are: Agence Francaise de Developpement
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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