Fitch cuts Caisse d'Amortissement to AA+

Fitch Ratings said it downgraded Caisse d'Amortissement de la Dette Sociale's long-term foreign and local currency ratings to AA+ from AAA and affirmed its short-term rating at F1+.

The outlook for the long-term ratings is stable.

The action follows the July 12 downgrade of the Republic of France's long-term issuer default rating to AA+/stable.

Fitch said Caisse d'Amortissement's ratings primarily reflect its public agency status (etablissement public national a caractere administratif; EPA). In Fitch's view, this reflects the ultimate guarantee from the French state (AA+/stable/F1+) on Caisse d'Amortissement's solvency and liquidity, together with strong monitoring and control.

The ratings also factor in Caisse d'Amortissement's strategic importance for the social security system, its secure revenue sources and its sound debt and liquidity management, the agency said. The outlook mirrors France's outlook.

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