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S&P: Agence Francaise de Developpement to stable
S&P said it revised its outlook on Agence Francaise de Developpement (AFD) to stable from negative.
The AA long-term and A-1+ short-term issuer credit ratings were affirmed.
The outlook revision follows a similar action on France on Oct. 21.
S&P said it considers AFD to be a government-related entity (GRE). In the agency’s view, there is an almost certain likelihood that AFD would receive timely and sufficient extraordinary support from the French government in the event of financial distress.
Moreover, S&P does not see the likelihood of government support as subject to transition risk. As a result, it expects the ratings and outlook on AFD will move in line with those on France.
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