On Feb. 18, 2013, Standard & Poor's Ratings Services 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 ratings on the Republic of France (unsolicited...
Companies mentioned in this report are:
- Caisse d'Amortissement de la Dette Sociale
Action: Outlook: Negative
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Product Type: Research Update
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