The ratings of Crédit Foncier de France (CFF) and its wholly owned subsidiary Compagnie de Financement Foncier (CoFF) reflect the credit quality of CFF’s parent, BPCE SA (BPCE), the central body of Groupe BPCE. CFF and CoFF have the status of affiliates within Groupe BPCE and therefore benefit from the intragroup solidarity mechanism under French law.

CoFF operates as a refinancing tool for the group. Covered bond issuance is of high strategic importance for the group’s funding strategy.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action on the credit ratings of this monitoring note along with the associated rating history can be found on www.scoperatings.com.

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