(The following statement was released by the rating agency)
PARIS/BARCELONA, July 21 (Fitch) Fitch Ratings has revised
Credit Municipal de
Paris' (CMP) Outlook to Negative from Stable and affirmed its
and local currency Issuer Default Ratings (IDRs) at 'AA'. The
currency IDR has been affirmed at 'F1+'.
CMP's EUR250m medium-term notes programme ("Bons a moyen terme
BMTN) programme was affirmed at 'AA' and its EUR750 short-term
("Certificats de depots" CD) programme at 'F1+'.
KEY RATING DRIVERS
The affirmation follows the agency's revision of City of Paris'
Negative from Stable and the affirmation of its Long-term
foreign and local
currency IDRs at 'AA+' and Short-term foreign currency IDR at
'F1+' (see "Fitch
Revises City of Paris Outlook to Negative, Affirms at 'AA+'",
dated 18 July at
CMP's ratings are linked to those of City of Paris
reflecting the strong statutory support and control by the City
of Paris over
CMP, which is both a local public agency (EPA) and a fully
institution. They also take into account CMP's position as a
organisation, endowed with the regional monopoly on pawnbroking,
considered a public service under French law. CMP's ratings are
notched down by
one level from those of Paris to reflect the absence of
immediate liquidity guarantee from its sponsor.
The ratings of CMP are sensitive to rating action on the City of
For more information on CMP's key rating drivers and
sensitivities, please see
the update dated 21 January 2014 at www.fitchratings.com.
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Additional information is available on www.fitchratings.com
Applicable criteria, "Tax-Supported Rating Criteria", dated
August 2012, and
"Rating of Public Sector Entities - Outside the United States"
dated March 2014,
are available on www.fitchratings.com.
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
Rating of Public-Sector Entities - Outside the United States
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