RPT-Fitch rates City Of Marseille's EMTN programme 'A+(EXP)'
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Oct 10 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned the City of Marseille's (A+/Stable/F1) EUR700m euro medium-term notes (EMTN) programme an expected Long term local currency rating of 'A+(EXP)'. The final rating is contingent upon the receipt of final documentation conforming to information already received.
KEY RATING DRIVERS
The EMTN programme's rating is aligned with Marseille's rating as the notes under the programme are expected to constitute senior unsecured, unconditional and unsubordinated liabilities of the issuer.
The rating is assigned to the programme and not to the notes under the programme. Fitch expects the notes issued under the programme to rank equally with Marseille's other unsubordinated obligations.
Marseille's ratings reflect its weak socio-economic profile and large stock of debt. These structural challenges are mitigated by a prudent administration, sound operating performance and strong state support due to the city's importance as the second largest French city with its major harbour.
Any change in Marseille's rating would be mirrored in the EMTN programme's rating.
For more information on the key sensitivities related to Marseille's ratings, see "Fitch Affirms City of Marseille at 'A+', Outlook Stable, Downgrades Short Term Rating to F1" dated 5 March 2013 at www.fitchratings.com.