Agence France Locale: Fitch assigns a « AA- » rating to AFL
September 04 2024 - 12:02PM
UK Regulatory
Agence France Locale: Fitch assigns a « AA- » rating to AFL
Lyon, September 4th, 2024
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Fitch assigns a « AA- » rating to AFL
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Agence France Locale (AFL), the French
local authorities’ bank, has been assigned « AA- » (long term) and
« F1+ » (short term) ratings, with a stable outlook, by Fitch
Ratings.
Fitch Ratings states that “under Fitch’s
Government Related Entities (GRE) Rating Criteria, we equalise
AFL’s ratings with its “supporting government”, a group made up of
the French Local and Regional Governments (LRGs) members of AFL
that have the highest possible credit profile…”.
“AFL has decided to be rated by Fitch Ratings.
Fitch Ratings' rating model places AFL's risk profile on a par with
that of its guarantors which have the highest possible credit
profile. Now rated at the same level as the French State, AFL is in
a similar position to its peers in Northern Europe and other French
public agencies and banks. It will benefit from additional
recognition of its credit quality, which should make it even easier
to distribute its debt instruments on capital markets and enable it
to continue financing French local authorities under the best
possible conditions,” says Yves Millardet, Chairman of AFL's
Management Board.
Furthermore, AFL has requested Moody’s to
withdraw all its rating and assessments, for methodological
reasons.
AFL credit rating at 4 September
2024
|
Rating/Rating agency |
Fitch Ratings |
Standard & Poor's |
|
Long term |
AA-, stable outlook |
AA-, stable outlook |
|
Short-term rating |
F1+, stable outlook |
A-1+, stable outlook |
About AFL
“The Company’s mission is to embody a
responsible finance to strengthen the local world’s empowerment so
as to better deliver the present and future needs of its
inhabitants.”
By creating our bank, the first one that we own
and manage, we, French local authorities, have decided to act to
deepen decentralization. Our bank, Agence France Locale (AFL), is
not a financial institution similar to any other. Created by and
for local authorities, it aims to strengthen our freedom, our
ability to develop projects and our responsibility as local public
actors. Its culture of prudence spares us from the dangers of
complexity and its governance from downward slides of conflicts of
interest. The main objective is to provide local world with an
access to cost-efficient resources, under total transparency. The
principles of solidarity and equity drive us. We are convinced that
together we go further. We decided that our institution would be
agile, addressing all types of local authorities, from the largest
regions to the smallest municipalities. We see profit as a means to
maximize public spending, not as an end goal. Through AFL, we
support a local world committed to take up social, economic, and
environmental challenges. AFL strengthens our empowerment: to carry
out projects in our territories, today and tomorrow, to the
benefits of the inhabitants. We are proud to have a bank whose
development is like us, even more responsible and sustainable. We
are Agence France Locale.
- CP Notation Fitch - Anglais
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