Press release
May 22, 2019
Standard & Poor’s assigns a « AA- » rating to AFL
Agence France Locale (AFL), the French local authorities’ bank has been assigned « AA- » (long term) and « A-1+ » (short term) ratings, with a stable outlook, by Standard & Poor’s.
S&P supports its decision on the following AFL characteristics:
- A very high capitalization,
- A strong support from member local authorities from a binding guarantee mechanism,
- A very strong liquidity combined with a solid access to funding.
According to Yves Millardet, Chairman of the Executive Board of AFL: “This decision is very important and represents an additional recognition of the efficiency of the bank’s model: created and supported by French local authorities. It is a new step forward for our development, that allows AFL to deepen its access to the bond and money markets. This second rating [AFL being already rated Aa3 – Stable outlook by Moody’s] is consistent with our objective to be the reference borrower of the French local authorities, offering to investors both liquidity and a dedicated and diversified exposition to French sub-sovereign risk. AFL will continue to provide local authorities with an access to cost efficient resources.”
A propos de l’Agence France Locale
Agence France Locale is the unique French bank 100% owned by local authorities and dedicated to their financing.
Created in 2013 by French local authorities based on the LGFA (local government financing agencies) model, AFL was granted a banking license in 2015 from the ACPR, the French prudential supervisory authority.
A core mission: to facilitate access by French local authorities to capital markets, relying on their credit quality to offer them attractive financing conditions. AFL lend to all types of local authorities: small or big municipalities, grouping of municipalities, Metropolis, Departments or Regions.
Find more information: http://www.agence-france-locale.fr/overview-agency
| Press Contact Lucille Simon lucille.simon@agence-france-locale.fr | Investors Contact Romain Netter romain.netter@agence-france-locale.fr |
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