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Rating Action:

MOODY'S A ATTRIBUE LA NOTATION PREVISIONNELLE (P) Aaa AUX OBLIGATIONS FONCIERES DE LA COMPAGNIE DE FINANCEMENT FONCIER

07 Oct 1999
MOODY'S A ATTRIBUE LA NOTATION PREVISIONNELLE (P) Aaa AUX OBLIGATIONS FONCIERES DE LA COMPAGNIE DE FINANCEMENT FONCIER Moody's a attribué la notation prévisionnelle (P) Aaa à la première émission d'Obligations Foncières de la Compagnie de Financement Foncier, la Société de Crédit Foncier créée par le Crédit Foncier de France.


la notation de Moody's tient compte


1. de la qualité des actifs sous-jacents notés Aaa ;

2. du surdimensionnement de 106% destiné à protéger les détenteurs d'Obligations Foncières contre une éventuelle baisse du rendement des actifs ;

3. des différents contrats d'échange de taux d'intérêt assurant une adéquation parfaite entre les flux d'intérêts provenant de l'actif et les flux d'intérêts dus aux investisseurs ;

4. de la qualité de la structure juridique de l'émetteur ;

5. de la présence d'un Etablissement Public noté Aaa en tant que contrepartie de contrat d'échange de taux d'intérêt ;

6. du rôle du Crédit Foncier de France en tant que gestionnaire de l'émetteur.


LA PREMIERE EMISSION D'OBLIGATIONS FONCIERES EST ADOSSEE A DES ACTIFS Aaa

Les actifs éligibles de la Compagnie de Financement Foncier comprennent

§ les parts prioritaires du Fonds Commun de Créances (FCC) Teddy 1 notées Aaa. Ces parts de FCC sont adossées à des prêts hypothécaires octroyés par le Crédit Foncier de France. Leur rythme d'amortissement dépend de l'amortissement des prêts sous-jacents, remboursements anticipés compris ;

§ un portefeuille d'obligations de qualité de crédit Aaa ;

§ un prêt à un Etablissement Public noté Aaa ; Ce prêt est essentiellement destiné au replacement de la trésorerie de l'émetteur à un taux d'intérêt déterminé. Cette trésorerie est issue des paiements trimestriels en principal reçus des parts du FCC Teddy 1 ainsi que de l'amortissement des obligations qui arriveronnt à maturité avant les Obligations Foncières. Moody's a considéré favorablement le fait que l'engagement de l'emprunteur au tire de ce prêt s'apparente à une garantie à première demande et qu'il arrive à échéance seulement à la date de maturité des Obligations Foncières.


LA PREMIERE EMISSION D'OBLIGATIONS FONCIERES EST TOTALEMENT PROTEGEE CONTRE LES DECALAGES DE TAUX D'INTERET

La Compagnie de Financement Foncier va conclure une série de contrats d'échange de taux d'intérêt avec l'Etablissement Public noté Aaa afin de transformer les actifs à taux fixe en actifs à taux variable et de convertir le taux variable à l'actif en taux fixe au passif. Ces contrats d'échange de taux d'intérêt permettent également de faire coincider les différentes dates de paiement en intérêt sur les actifs aux dates de paiement en intérêts des Obligations Foncières.


LA PREMIERE EMISSION D'OBLIGATIONS FONCIERES BENEFICIE D'UN SURDIMENSIONNEMENT

Les actifs de la Compagnie de Financement Foncier représentent 106% des Obligations Foncières. Ce surdimensionnement sera disponible afin de protéger les investisseurs contre des pertes éventuelles en intérêt dues à la baisse de rendement des actifs. Cette baisse de rémunération sera causée par le réinvestissement de la trésorerie de l'émetteur dans le prêt octroyé à l'Etablissement Public Aaa à un taux inférieur aux taux générés par les parts du FCC Teddy 1 et les obligations.


La Compagnie de financement Foncier est une Société de Crédit Foncier, un nouveau type d'établissement financier français dont l'activité se limite à refinancer certains types d'actifs éligibles par l'émission d'Obligations Foncières. Ce nouvel émetteur a été structuré afin de limiter son risque de faillite en , par exemple, externalisant sa gestion à sa maison mère, le crédit Foncier de France. Moody's a vérifié la capacité du Crédit Foncier de France à bien gérer sa Société de Crédit Foncier et effectuera un suivi de cette capacité.



Une notation prévisionelle est assignée afin de fournir en avance aux investisseurs une indication de ce que serait la notation finale de cet instrument, soit avant que les titres soient effectivement émis, soit avant que les termes de l'émission soient complètement finalisés. Une notation finale peut différer d'une notation prévisionnelle.

Moody's a attribué une notation prévisionnelle en préparation du transfert des obligations foncières aujourd'hui au bilan du Crédit Foncier de France (Aa3 sous surveillance pour réhaussement possible) et de leurs actifs sous-jacents vers la Compagnie de Financement Foncier. Selon la nouvelle loi sur les Obligations Foncières, ce transfert doit avoir lieu avant la fin de l'année 1999.

Tous les actifs sous-jacents aux Obligations Foncières d'une Société de Crédit Foncier sont fongibles entre eux.. Par conséquent, Moody's sera en mesure de confirmer la notation Aaa sur la première émission d'Obligations Foncières sous réserve de la mise en place, comme indiqué par le Crédit Foncier, à la date du transfert des obligations foncières existantes, de protections structurelles adaptées -support de crédit, lignes de liquidité, couverture de taux- aux nouveau actifs et passifs transférés au niveau de la Compagnie de Financement Foncier.

No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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