The ratings of Crédit Foncier de France (CFF) and its wholly owned subsidiary Compagnie de Financement Foncier (CieFF) reflect the credit quality of CFF’s parent, BPCE S.A.

CFF and CieFF benefit from the strong internal solidarity system within Groupe BPCE. It underpins our expectation of full parental group support. Any change in the credit quality of BPCE S.A. entails a similar rating impact for CFF and CieFF.

The strategic relevance of CFF within Groupe BPCE stems primarily from its refinancing role as active issuer of covered bonds for the benefit of the group’s funding diversification. Following a strategic review in 2019, ancillary activities previously performed by CFF were put in run-off. As a result, CFF and CieFF’s balance sheets continue to converge. Risk management is fully aligned with Groupe BPCE’s framework, allowing creditors of CFF and CieFF to benefit from the group’s strong risk control culture.

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

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