Fitch Rates Department of Val d'Oise's BT Programme 'F1+(EXP)'

Wed Feb 12, 2014 9:41am EST

PARIS, February 12 (Fitch) Fitch Ratings has assigned the Department of Val d'Oise's (AA-/Stable/F1+) EUR100m billets de tresorerie (BT) programme an expected Short-term rating of 'F1+(EXP)'. The final rating is contingent upon the receipt of final documentation conforming to information already received. KEY RATING DRIVERS The BT programme's rating is aligned with Val d'Oise's Short-term Issuer Default Rating (IDR) as the notes under the programme are expected to constitute senior unsecured, unconditional and unsubordinated liabilities of the issuer. The ratings are assigned to the programme and not to the notes under the programme. Fitch expects the notes issued under the programme to rank equally with the Department of Val d'Oise's other unsecured and unsubordinated obligations. The ratings of Val d'Oise reflect its resilient operating performance, high debt, solid economy, and strong management. The Stable Outlooks reflect Fitch's expectations that the department's operating performance and debt metrics should remain consistent with the current ratings. RATING SENSITIVITIES Changes to Val d'Oise's Short term IDR would be reflected in the BT programme's rating.International Local and Regional Governments Rating CriteriaAdditional Disclosure Solicitation StatusALL 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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