Scope assigns an Issuer Rating of A+ to Crédit Foncier de France (‘CFF’) with a Stable Outlook, and an identical rating and outlook to its key issuing subsidiary, Compagnie de Financement Foncier (‘CoFF’). Both reflect the credit quality of CFF’s parent, BPCE SA (‘BPCE’) . CFF and CoFF carry the status of affiliates within the Group.

BPCE SA is the central body of the French cooperative banking group BPCE. CFF’s subsidiary CoFF’s sole purpose is to refinance the public-sector lending of the BPCE group, by issuing covered bonds (obligations foncières). As affiliates CFF and CoFF both benefit from an internal guarantee and solidarity within Groupe BPCE.

CoFF operates as a refinancing tool for the group. Covered bond issuance is of high strategic importance for the group’s funding strategy. Some of Crédit Foncier’s ancillary activities were redeployed across Groupe BPCE following the 2018 strategic review. The strategic role has not been impacted and we do not expect other changes to the business perimeter.

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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