Fitch affirms Cades

Fitch Ratings said it affirmed Caisse d'Amortissement de la Dette Sociale's (Cades) long-term issuer default rating and local-currency long-term issuer default rating at AA and short-term issuer default rating at F1+.

The outlook is stable, mirroring that on France's sovereign issuer default rating (AA/stable/F1+).

Fitch said the ratings reflect the very strong link with the French state, especially the status of Cades as a public agency (“etablissement public national a caractere administrative;” EPA), which gives the French state ultimate responsibility for Cades’ solvency and liquidity, and the very strong incentive from the French state to support Cades in a timely manner.

Cades’ ratings are equalized with France's ratings in line with Fitch's government-related entities (GRE) rating criteria, the agency noted.

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