Sustainability Bonds Framework
Executive Summary
• AFL is a local government funding agency fully owned and guaranteed by French Local Authorities.
The high creditworthiness of AFL is based on:
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Authorized by the banking
law dated 26 July 2013 to
fund local authorities
Moody's Aa3 (stable) / P-1
(1 June 2023)
S&P AA- (stable) / A-1+
(24 May 2023)
Public
Development
Bank dedicated
to the funding
of French local
authorities
Estimated 0%* SCR of AFL's debt
securities under the Solvency
regulation
20% Risk Weighted and eligible to
the Public Securities Purchase
Program of the ECB
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Well recognized and efficient model as
demonstrated by the Nordic LGFAS
*Each investor is responsible for making its own assessment of the risk weight treatment.
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CAFL
Lo bonque
des collectivitésView entire presentation