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Rating Action:

MOODY'S CONFIRMS THE Aaa/Prime-1 RATINGS OF THE CAISSE D'AMORTISSEMENT DE LA DETTE SOCIALE (CADES)

29 Sep 1997
MOODY'S CONFIRMS THE Aaa/Prime-1 RATINGS OF THE CAISSE D'AMORTISSEMENT DE LA DETTE SOCIALE (CADES) Paris, 09-29-97 -- Moody's Investors Service has confirmed the ratings of CADES (long-term debt at Aaa and the Prime-1 of CADES for short-term obligations) following the announcement by the French government that CADES would redeem a debt of FF 87 billion corresponding to deficits accumulated in 1996 and 1997 by the General Social Security System and the projected deficit for 1998. This will add up to the FF 137 billion debt that CADES already assumed in 1996. The decision will be submitted for parliamentary approval in the forthcoming weeks, as part of a broader series of measures that the government wants to enact to balance the budget of the Social Security System by the year 1999.

The Caisse d'Amortissement de la Dette Sociale (CADES) is an "Etablissement Public … caractŠre administratif" created by the Ordinance Nø 96-50 of January 24, 1996. In 1996, CADES redeemed a debt of FF 137 billion corresponding to deficits accumulated until December 31, 1995 by the General Social Security System. In addition, CADES is committed to pay annual installments of FF 12.5 billion to the general budget.

To allow CADES to meet its past and future commitments and to service its debt, the government will extend the period during which CADES will receive the proceeds of a special levy created in 1996 ("Contribution au Remboursement de la Dette Sociale" - RDS) and which is fully appropriated to CADES, from January 1st 2009 until January 1st 2014. The rate of the tax, however, remains unchanged at 0.5%, assessed on substantial all income earned by individuals.

In confirming the ratings, Moody's said that, notwithstanding the substantial increase in the liabilities that CADES will assume in future years, the legal and operating framework of CADES should continue to support its solvency. According to Moody's, CADES' credit worth is mainly based on the following factors: its restrictive purpose; its legal status; the role of the French Treasury in its management and supervision; and the mechanisms available to assure adequate liquidity for its short- and long-term debt programs.

Moody's also noted the overall adequacy of the cash flow generated by RDS over the whole period until 2014, in relation to the debt service expenses that will result from the present and future debt obligations issued by CADES. Additional protection is warranted by the nature of revenues appropriated to CADES and by the priority given to the debt obligations over the other financial obligations under the terms of the Ordinance Nø 96-50 of January 24, 1996.

The following ratings were confirmed :
Caisse d'Amortissement de la Dette Sociale - CADES -- long-term debt rating at Aaa and short-term obligations at Prime-1.
The Caisse d'Amortissement de la Dette Sociale (CADES) is an Etablissement Public … caractŠre administratif based in Paris. At year end 1996, CADES had a total debt of FF 138.2 billion.

No Related Data.
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