Investor Presentaiton
2. Bpifrance Financement: Funding Strategy
EPIC¹ Bpifrance and the debt issuance programmes benefit from
high quality ratings
MOODY'S > Aa2 (Stable) / P-1
Rationale:
EPIC Bpifrance is fully owned by the French state and
benefits through its status as an Etablissement
public à caractère industriel et commercial (EPIC)
from an implicit guarantee from the state
Its issuer rating is therefore derived from the application
of a credit substitution approach whereby it is aligned
with that of the French government
Intrinsic operational and financial ties between the
EPIC and the French Sate
The legal status of EPIC implies that it is not subject
to liquidation laws and its creditors have ultimate
recourse to the French State
bpifrance
Fitch Ratings> AA (Negative) / F1+
Rationale:
Bpifrance Group is subject to strong administrative,
legal and financial oversight by the French state,
which defines its missions
Bpifrance Group's commitments are supervised by
parliament through annual performance reports
A strategic public institution for implementing
France's economic support policy
As an industrial and commercial public agency, EPIC
cannot be liquidated or file for bankruptcy
proceedings. It can only be dissolved by law, which
would entail an automatic, unconditional transfer of
all of its assets and liabilities to the state, or to
another public entity designated by the state
Given Bpifrance's important role in government policy
concerning SMEs and mid-caps [...], the French state
would extend support in a timely manner in case of
stress
The rating agencies assess EPIC1 Bpifrance as a
government-related issuer, credit-linked to the French State
1. EPIC status: see details in appendix 1
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