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      New analysis on covered bonds issued by Compagnie de Financement Foncier
      WEDNESDAY, 06/12/2023 - Scope Ratings GmbH
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      New analysis on covered bonds issued by Compagnie de Financement Foncier

      Scope Ratings has updated its report on the obligations focières (French covered bonds) issued by Compagnie de Financement Foncier.

      Compagnie de Financement Foncier’s AAA covered bond rating reflects the bank’s A+ issuer rating and a governance-based uplift of up to six notches. The sound credit quality of the cover assets, low scheduled asset-liability mismatches, moderate sensitivity to interest rate movements, and available overcollateralisation well above the rating-supporting level provide additional rating stability.

      Provided that the covered bond programme’s risk structure does not change materially, the current covered bond ratings supported by the cover pool can withstand up to a five-notch downgrade of the issuer – also supporting the Stable Outlook on the covered bonds.

      This is not a rating action. On 23 October 2023, Scope affirmed the covered bonds at AAA/Stable. Click here for the corresponding press release.

      Download the performance update

      Analyst Contact: Mathias Pleißner: m.pleissner@scoperatings.com

      Conditions of use / exclusion of liability
      © 2023 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5, D-10785 Berlin.

       

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