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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 14
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