Fitch attribue la note de ‘AA’ (EXP) au programme EMTN d’ Action Logement Services ;

information fournie par Reuters •01/10/2019 à 14:39

(The following statement was released by the rating agency)


Fitch Ratings-Paris-October 01: 

Fitch Ratings a attribué au programme EMTN d’Action Logement Services (ALS) d’un 
montant maximum de 6,2 milliards d’euros une note préliminaire à long terme de « 
AA », alignée sur la note de défaut émetteur (IDR) d’ALS. 

La note finale est conditionnée par la réception de la documentation finale 
correspondant à celle déjà reçue. 

La note est attribuée au programme et non aux émissions qui seront réalisées 
dans le cadre du programme. Fitch s'attend à ce que les émissions réalisées dans 
le cadre du programme aient un rang égal à celui des autres obligations non 
subordonnées et non garanties d'ALS.

FONDAMENTAUX DES NOTES

La notation préliminaire du programme EMTN est alignée sur l'IDR à long terme 
d’ALS, dans la mesure où les titres qui seront émis dans le cadre du programme 
constitueront des obligations financières senior, non garanties de l'émetteur.

Conformément au critère de notation des entités liées à un sponsor public de 
Fitch, les notes d’ALS sont égalisées avec celles de l’État reflétant la très 
forte probabilité d’un soutien extraordinaire de l’État en cas de besoin.

ALS est la branche financière du groupe Action Logement ('AA' / Stable / 'F1 +') 
dont le rôle principal est de fournir des logements abordables aux employés 
français. ALS bénéficie d'une source de revenus dédiée accordée par le Parlement 
français: la contribution sociale obligatoire. des employeurs privés (PEEC en 
français). Le rôle d’ALS est de collecter ce quasi-impôt et de l’utiliser pour 
octroyer des prêts ou des subventions aux fournisseurs de logements sociaux ou 
directement aux employés. ALS participe également au financement de plusieurs 
politiques publiques liées au logement.

FONDAMENTAUX DES NOTES

La notation préliminaire du programme EMTN est alignée sur l'IDR à long terme 
d’ALS, dans la mesure où les titres qui seront émis dans le cadre du programme 
constitueront des obligations financières senior, non garanties de l'émetteur.

Conformément au critère de notation des entités liées à un sponsor public de 
Fitch, les notes d’ALS sont égalisées avec celles de l’État reflétant la très 
forte probabilité d’un soutien extraordinaire de l’État en cas de besoin.

ALS est la branche financière du groupe Action Logement ('AA' / Stable / 'F1 +') 
dont le rôle principal est de fournir des logements abordables aux employés 
français. ALS bénéficie d'une source de revenus dédiée accordée par le Parlement 
français: la contribution sociale obligatoire. des employeurs privés (PEEC en 
français). Le rôle d’ALS est de collecter ce quasi-impôt et de l’utiliser pour 
octroyer des prêts ou des subventions aux fournisseurs de logements sociaux ou 
directement aux employés. ALS participe également au financement de plusieurs 
politiques publiques liées au logement.

SENSIBILITÉ DES NOTES

Toute action sur la note de défaut émetteur d’ALS conduirait à une action 
similaire sur la note de son programme EMTN.

Action Logement Services

----senior unsecured; Long Term Rating; Expected Rating; AA(EXP)

Contacts: 

Primary Rating Analyst

Nicolas Miloikovitch, CFA

Senior Analyst

+33 1 44 29 91 89

Fitch France S.A.S.

60 rue de Monceau 

Paris 75008

Secondary Rating Analyst

Christophe Parisot, 

Managing Director

+33 1 44 29 91 34

Committee Chairperson

Vladimir Redkin, 

Senior Director

+7 495 956 2405

 

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Government-Related Entities Rating Criteria (pub. 25 Oct 2018)

https://www.fitchratings.com/site/re/10047173

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