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Related Issuers
Rating Action:

Moody's assigns Aa2 to Societe de Financement Local; outlook negative

01 Feb 2013

First-time ratings

London, 01 February 2013 -- Moody's Investors Service has today assigned a first-time long-term deposit rating of Aa2 with a negative outlook and a short-term deposit rating of Prime-1 to Societe de Financement Local (SFIL). Simultaneously, Moody's has assigned a standalone credit assessment of baa1 to SFIL, which we consider to be a Government Related-Issuer (GRI).

Moody's says that the baa1 standalone credit assessment reflects SFIL's low-risk profile and that its business will be restricted to lending to French local authorities and hospitals, as imposed by the European Commission (EC).

SFIL's Aa2 long-term deposit rating incorporates five notches of rating uplift from the baa1 standalone credit assessment. This reflects Moody's assumption that SFIL would benefit from a very high likelihood of extraordinary support from the government of France, in case of need.

SFIL has been recently incorporated as a public limited liability company (societe anonyme), at the government's initiative with a view to providing financing to French local governments and hospitals. The EC approved this decision on 28 December 2012. SFIL is 75% owned directly by the French State (Aa1 negative), 20% by the Caisse des Depots et Consignations (Aa1/Prime-1 negative) and 5% by La Banque Postale (LBP, unrated).

RATINGS RATIONALE

--- STANDALONE CREDIT ASSESSMENT

SFIL is part of the new structure defined by the French State for the financing of French local authorities and public hospitals, as follows:

(1) The Caisse Française de Financement Local (CFFL, formerly known as Dexia Municipal Agency; DMA) is the financing vehicle for the issuance of French covered bonds. CFFL is 100% owned by SFIL and chartered as a Societe de Credit Foncier (SCF);

(2) A joint-venture between LBP (65%) and CDC (35%) will originate the loans;

(3) LBP will warehouse the new loans before it transfers them to CFFL; and,

(4) SFIL will provide services to the three above entities (e.g. commercial support, financial monitoring, risk control as well as back office management) and will act as sponsor bank for CFFL.

Moody's has assigned a standalone credit assessment of baa1 to SFIL, which reflects SFIL's low-risk profile based on the quality of the lending portfolios of DMA following the transfer of this entity from its former owner, Dexia Credit Local (DCL; deposits Baa2 negative/Prime-2; bank financial strength rating E/baseline credit assessment, ca stable) to SFIL, and an adequate funding structure, as SFIL is currently funded by CDC and will also benefit from LBP funding over time as new production develops. Moody's positively notes that SFIL's business will be restricted to lending to French local authorities and hospitals as imposed by the EC.

The standalone credit assessment of baa1 also reflects the expectation that this new entity will hold a significant position in French local public-sector financing, supported by the systems and experience of staff transferred from DCL.

However, these positive factors are partly offset by SFIL's (1) relatively high borrower concentration risk, inherent to public-sector financing, but also attributable to some large exposures inherited from DCL; (2) the entity's very high leverage; and (3) low profitability, although Moody's recognises that this is consistent with SFIL's assigned public-service mission.

--- SENIOR DEPOSIT RATINGS UNDERPINNED BY STATE SHAREHOLDING AND PUBLIC-SERVICE MISSION

SFIL's Aa2 long-term deposit rating incorporates a five-notch uplift from the standalone credit assessment of baa1. This reflects a very high likelihood of extraordinary support from the government of France, reflecting (1) the 75% direct state ownership and 25% indirect ownership of SFIL through the CDC and LBP, and its commitment to remaining its reference shareholder; (2) the State's commitment to supporting SFIL's solvency and liquidity through a letter of comfort which has been submitted to the French Supervisor (Autorite de Controle Prudentiel); (3) the key role that SFIL is expected to play in the financing of the French local authorities and hospitals; and (4) the economic and reputational damage that would result from a default of SFIL.

WHAT COULD MOVE THE RATINGS UP/DOWN

Upwards pressure would develop on SFIL's standalone credit assessment, following a combination of (1) a significant decrease in leverage; and (2) a material lowering in borrower concentration risk.

Given the multi-notch rating uplift incorporated into SFIL's long-term rating, a gradual strengthening of its standalone credit profile is unlikely to lead to upwards rating pressure of the long-term rating. However, SFIL's long-term deposit rating could be upgraded as a result of an upgrade of the rating of the French government. Nevertheless, absent any explicit guarantee from the French government, SFIL's long-term ratings are unlikely to be aligned with the government's ratings.

Downwards pressure could develop on SFIL's standalone credit assessment following (1) worse-than-expected asset performance; (2) consequent weakening in capitalisation and/or a further increase in leverage; (3) lower-than-expected profitability; or (4) deterioration in its funding and liquidity profile.

SFIL's long-term deposit rating could be downgraded as a result of (1) a downgrade of France's government bond rating; or (2) Moody's assessment of a lower probability of government support; or (3) a downgrade of SFIL's standalone credit strength.

METHODOLOGIES

The methodologies used in this rating were Moody's Consolidated Global Bank Rating Methodology published in June 2012, and Government-Related Issuers: Methodology Update Published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Yasuko Nakamura
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns Aa2 to Societe de Financement Local; outlook negative
No Related Data.
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