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Bulletin: Ratings Unchanged On Compagnie de Financement Foncier's Covered Bonds Following Downgrade Of Credit Foncier de France Jan 12
Standard & Poors, Jan 2012
Abstract
LONDON (Standard & Poor's) Jan. 24, 2012--Standard & Poor's Ratings Services said today that its 'AAA/Stable' credit ratings on the covered bonds ('obligations foncieres') issued by Compagnie de Financement Foncier (CFiF) remain unchanged following our Jan. 23, 2012 downgrade of Credit Foncier de France (CFF) to A-/Stable/A-2 from A/Watch Neg/A-1 (see 'Related Criteria And Research'). In our methodology for rating covered bonds, we uplift the rating on covered bonds starting from the issuer credit rating (ICR) on the issuing bank (see ' Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds', published on Dec. 16, 2009). In the case of the covered bonds issued by CFiF, we use CFF's long-term rating as the ICR. We then calculate...
Companies mentioned in this report are: Compagnie de Financement Foncier
Action: Bulletin
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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