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Research Update: Ratings On French Social Security Debt Amortization Fund CADES Affirmed, Then Withdrawn For Business Reasons Feb 13 Product Image

Research Update: Ratings On French Social Security Debt Amortization Fund CADES Affirmed, Then Withdrawn For Business Reasons Feb 13

  • Published: February 2013
  • Region: France
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Negative
Action: Withdrawn

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- Caisse d'Amortissement de la Dette Sociale

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