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Rating Action:

Moody's assigns (P)P-1 short term debt rating to the Region de la Reunion's upcoming Billets de Trésorerie programme

 The document has been translated in other languages

15 Jan 2016

London, 15 January 2016 -- Moody's Public Sector Europe (MPSE) has today assigned a provisional (P)Prime-1 short-term debt rating to the expected EUR150 million Billets de Trésorerie programme of the Region de la Reunion. At the same time, MPSE's affirmed the region's long term issuer rating at A2 with stable outlook.

The (P)P-1 short-term debt rating reflects the region's sound liquidity profile. Although the region has low cash reserves, it benefits from credit line facilities amounting to EUR226 million as at December 2015, which amply covered the region's liquidity requirements and are deemed adequate to cover any future issuance under its Billets de Trésorerie programme.

The affirmation of the A2 issuer rating with stable outlook of la Reunion reflects the region's strong operating performance, which will allow the region to cope with its ambitious capital expenditure programme going forward. "While the region's debt stock should increase to more than EUR1.0 billion by the end of 2017 (almost three times its 2014 level), we anticipate that it will maintain a debt-to-gross operating balance ratio under 10, which is commensurate with its current A2 rating" says Nicolas Fintzel, lead analyst for the region at MPSE's.

La Reunion is one of the nine EU outermost regions. It is currently implementing a large investment programme (including "la Nouvelle route du Littoral) supported by substantial transfers from the French central government (Aa2, stable) and the EU and largely pre-financed by loans from the European Investment Bank (Aaa, stable) and the Caisse Des Dépôts et Consignations (Aa2, stable, French public sector lender).

MPSE 's issues provisional ratings in advance of the final sale of obligations, and these ratings only reflect MPSE's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final documentation, MPSE 's will endeavour to assign a definitive rating to the Billets de Trésorerie programme. A definitive rating, if any, may differ from a provisional rating.

WHAT COULD MOVE THE RATING UP/DOWN

Any upward revision of the long term rating of the Region de la Reunion would require a similar action at the sovereign level. However, this is unlikely given the current stable outlook assigned to the government of France's Aa2 rating.

Should the region's financial results differ negatively from current forecasts, this could increase downward pressure on the rating. A weakening of the region's gross operating balances, falling below 20% of its operating revenues for two consecutive years (i.e. bringing the region closer to a debt-to-GOB ratio of 10), or strong indications of future deviation in its infrastructure costs from original projections would put pressure on the ratings.

The assignment of the short term debt rating to the Region de la Reunion required the publication of these credit rating actions on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com

The specific economic indicators, as required by EU regulation, are not available for the Region de la Reunion. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action.

Sovereign Issuer: France, Government of

GDP per capita (PPP basis, US$): 40,538 (2014 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 0.2% (2014 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.1% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -3.9% (2014 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -0.9% (2014 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 18 December 2015, a rating committee was called to discuss the rating of the Reunion, Region de la. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutional strength/ framework, have not materially changed. The issuer's governance and/or management, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The assessment of extraordinary support has not materially changed.

The principal methodology used in this rating was Regional and Local Governments published in January 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Nicolas Fintzel
Analyst
Sub-Sovereign Group
Moody's Investors Service EMEA Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's assigns (P)P-1 short term debt rating to the Region de la Reunion's upcoming Billets de Trésorerie programme
No Related Data.
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