Ratings On French Social Security Debt Amortization Fund CADES Affirmed, Then Withdrawn For Business Reasons Feb 13
Standard & Poors, February 2013
Abstract
PARIS (Standard & Poor's) Feb. 18, 2013--Standard & Poor's Ratings Services said today that it had affirmed its 'AA+/A-1+' long- and short-term issuer credit ratings on France's Caisse d'Amortissement de la Dette Sociale (CADES). At the same time, we affirmed the 'AA+' and 'A-1+' issue ratings on CADES' debt. We subsequently withdrew all these ratings. At the time of the withdrawal, the outlook on the long-term issuer credit rating was negative. We withdrew the ratings because the rating engagement was not renewed, and Standard & Poor's chose not to continue ratings surveillance on an unsolicited basis. At the time of the withdrawal, we equalized the ratings on CADES--a fund dedicated to the amortization of France's social security debt--with the sovereign...
Companies mentioned in this report are:
- Caisse d'Amortissement de la Dette Sociale
Action: Affirmed
Action: Outlook: Negative
Action: Withdrawn
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.
- Caisse d'Amortissement de la Dette Sociale
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