Fitch Withdraws FCT Blue Star GHL's Covered Bonds Rating

Tue Jan 7, 2014 8:25am EST

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(The following statement was released by the rating agency) PARIS, January 07 (Fitch) Fitch Ratings has withdrawn the 'AAA' rating and Stable Outlook on the FCT Blue Star Guaranteed Home Loans covered bonds secured by French residential mortgage loans and issued by Credit du Nord (CDN; A/Stable/F1). KEY RATING DRIVERS The rating action follows the full early redemption on 23 December 2013 of the outstanding series 2 and 3 issued under the programme. The early redemption of the bonds was carried out in accordance to the programme documentation. Following this redemption of the bonds, they will no longer appear on Fitch's website. Contact: Primary Analyst Will Rossiter Director +33 (0)1 4429 9147 Fitch France S.A.S. 60 rue de Monceau 75008 Paris Committee Chairperson Emmanuelle Ricordeau Senior Director +33 (0)1 4429 9148 Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email:; Christian Giesen, Frankfurt am Main, Tel: +49 69 768076 232, Email: Additional information is available at Applicable criteria, 'Covered Bonds Rating Criteria', dated 10 September 2013, 'Counterparty Criteria for Structured Finance and Covered Bonds' and 'Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum', both dated 13May 2013, 'EMEA RMBS Master Rating Criteria', dated 6June 2013, 'EMEA Criteria Addendum - France', dated 17June 2013, and 'Covered Bonds Rating Criteria - Public Sector Liquidity and Spread Assumption Addendum', dated 1 February 2013, are available at Applicable Criteria and Related Research: Covered Bonds Rating Criteria here Counterparty Criteria for Structured Finance and Covered Bonds here Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum here EMEA RMBS Master Rating Criteria here EMEA Criteria Addendum – France here Covered Bonds Rating Criteria - Public Sector Liquidity and Spread Assumption Addendum here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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