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Rating Action:

MOODY'S CONFIRME LA NOTATION Aaa ATTRIBUEE AUX OBLIGATIONS FONCIERES EMISES PAR LA COMPAGNIE DE FINANCEMENT FONCIER

04 Jul 2000
MOODY'S CONFIRME LA NOTATION Aaa ATTRIBUEE AUX OBLIGATIONS FONCIERES EMISES PAR LA COMPAGNIE DE FINANCEMENT FONCIER Moody's confirme aujourd'hui la notation Aaa attribuée aux Obligations Foncières (OF) émises par la Compagnie de Financement Foncier (CieFF). Grâce à la formalisation de clauses contractuelles que la CieFF s'est engagée à mettre en place d'ici septembre 2000, Moody's est en mesure de confirmer la notation Aaa attribuée de manière prévisionnelle en octobre 1999 aux OF émises par la CieFF.


La notation Moody's Aaa est basée sur :

(1) la qualité de crédit des actifs auxquels sont adossées les OF. Ces actifs comprennent des prêts adossés à de l'immobilier résidentiel ou commercial, des prêts aux collectivités locales et un portefeuille de titres à notation élevée ;

(2) le support de crédit dynamique, initialement fixé à 1,53 milliards d'euros, visant à protéger les porteurs d'OF contre les risques de crédit et les risques de taux ;

(3) les règles contractuelles de fonctionnement de la CieFF liées au rechargement de créances, à la gestion actif/passif et de la liquidité;

(4) le rôle du Crédit Foncier (Aa3/P-1) en tant qu'originateur et recouvreur du portefeuille de prêts auxquels sont adossées les OF ; et

(5) le cadre juridique des OF et SCF.


QUALITE DE CREDIT DES ACTIFS

Moody's a analysé la qualité de crédit des divers sous-portefeuilles d'actifs auxquels sont adossées les OF. L'actif de la CieFF comprend des portefeuilles de prêts adossés à de l'immobilier résidentiel (du secteur concurrentiel et du " secteur aidé "), des prêts aux collectivités locales ainsi que les prêts adossés à de l'immobilier commercial. Selon Moody's, la qualité de crédit de ces différents portefeuilles d'actifs de la CieFF est assez hétérogène avec notamment des portefeuilles de prêts à faible risque de crédit (prêts à l'habitat du secteur aidé) et d'autres ayant des profils nettement plus risqués (prêts à des professionnels de l'immobilier). Il est prévu que la CieFF acquiert de manière régulière de nouveaux prêts, soit auprès du Crédit Foncier, en respectant certaines conditions préalables telles que l'ajustement mécanique du support de crédit, ou auprès d'autres originateurs, sous réserve d'une confirmation au préalable par Moody's de la notation des OF.


RISQUES DE TAUX

La principale source de risques de taux pour la CieFF émane des risques de remboursements anticipés. Les actifs de la CieFF sont, pour une large part, des prêts à l'habitat à taux fixe, qui, comme la plupart des prêts à l'habitat en France, offrent aux emprunteurs la possibilité d'un remboursement anticipé à un coût marginal. Des couvertures de risque de taux sont mises en place dès l'acquisition de prêts à taux fixe, la survenance de remboursements anticipés en dehors des hypothèses faites à la date de couverture, expose la CieFF à un déséquilibre entre actifs à taux fixe et passif à taux fixe. La CieFF s'est engagée à couvrir de manière régulière sa position de risque de taux pour maintenir ses impasses de taux dans des limites prédéfinies.


SUPPORT DE CREDIT DYNAMIQUE POUR RISQUES DE CREDIT ET DE TAUX

Pour chaque sous-portefeuille de prêts et à partir des performances historiques et des caractéristiques des actifs, Moody's a déterminé un niveau de rehaussement de crédit de manière à couvrir l'espérance de pertes futures sur les actifs selon des scénarios de stress compatibles avec la notation Aaa. Les niveaux de rehaussement de crédit varient selon chaque sous-portefeuille de 2,5% (certains prêts à l'habitat garantis) à 50% (prêts aux professionnels de l'immobilier commercial). Ce support de crédit contre risque de crédit prend la forme d'un surdimensionnement d'actifs par rapport aux OF; initialement dimensionné à €1.3 milliards il s'ajustera de manière dynamique suivant la taille, la composition des actifs de la CieFF ainsi que les performances des actifs. Un support de crédit supplémentaire a été mis en place pour couvrir les risques de taux. Cette protection, également sous la forme d'un surdimensionnement fixé au départ à 230 millions d'euros, va s'ajuster de manière dynamique à la sensibilité de la rentabilité de la CieFF à l'évolution des taux, afin d'assurer aux porteurs d'OF une protection contre les scénarios de taux stressés compatible avec la notation Aaa.


RECOUVREMENT DES ACTIFS

Le recouvrement des créances transférées par le Crédit Foncier à la CieFF restera assuré par le Crédit Foncier. La commission de recouvrement est fonction du principal des prêts.




CADRE JURIDIQUE

Moody's a tenu compte dans son analyse, du cadre juridique particulier applicable aux SCF et aux OFs. Premièrement, le privilège prioritaire dont bénéficient les porteurs d'OF sur les cash flows provenants des actifs de la SCF. En cas de liquidation de la SCF, les porteurs d'OF sont seniors par rapport à tous les autres créanciers de la SCF (y compris l'Etat et le personnel) ; le remboursement des dettes ne bénéficiant pas du même privilège que les OF ne s'effectuera que lorsque l'intégralité des OF auront été remboursées en totalité. Deuxièmement, la loi limite fortement les activités de la SCF à l'octroi ou l'acquisition et au refinancement des actifs éligibles c'est-à-dire les prêts hypothécaires adossés à de l'immobilier résidentiel ou commercial (avec certaines limites de quotité financée), aux prêts cautionnés, aux prêts du secteur public et aux parts de Fonds Commun de Créances. Enfin, outre le contrôle de la Commission Bancaire française, les SCF sont soumises au contrôle plus strict d'un contrôleur spécifique dont la mission est notamment de veiller à ce que les actifs de la SCF remplissent les critères d'éligibilité et de suivre les risques de taux et de liquidité.


La CieFF est une société de crédit foncier appartenant à 100% au crédit Foncier de France, établissement spécialisé dans les prêts à l'habitat. Au 31 décembre 1999, le bilan total de la CieFF s'élevait approximativement à 32 milliards d'euros.

Le Crédit Foncier de France a des notations de dépôt Aa3/Prime-1. Il est détenu à 90,6% par la Caisse Nationale des Caisses d'Epargne et de Prévoyance (CNCEP), notée Aa2/Prime-1/C par Moody's.

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 or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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