DBRS Rates Crédit Logement Subordinated Debt at ‘A’, Stable Trend

DBRS Ratings Limited (DBRS) has assigned a Subordinated Debt rating of A, with a Stable Trend, to Crédit Logement SA (CL or the Company).

The Subordinated Debt rating is two notches below CL’s Intrinsic Assessment of AA (low), in line with the Debt Obligations Framework set out in DBRS’s Global Banking Methodology (May 2017).

CL is targeting to raise up to EUR 750 million of subordinated debt and this will replace more expensive debt issued by the company in previous years.

RATING DRIVERS

The rating on the subordinated debt is sensitive to any change in CL’s Intrinsic Assessment.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (May 2017). DBRS has also applied the RMBS Model under RMBS methodology. These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents, SNL Financials and the Bank of France. DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.

Lead Analyst: Tomasz Walkowicz - Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman - Managing Director, Head of EU FIG - Global Financial Institutions
Initial Rating Date: 9 May 2014
Most Recent Rating Update: 14 July 2017

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