Analyses and ratings
Financial analyses and ratings
All the evaluations by international rating agencies of CADES' credit risk come to the same conclusion, i.e. that CADES is an institution that provides investors with the best guarantees. All these agencies emphasize that, in addition to a safe source of funds (receipts from the CRDS levy), CADES benefits from all the guarantees provided by its close links with the French state, as a result of which it is perceived as being implicitly part of the French Republic's sovereign risk. Hence the AAA rating assigned to CADES' long-term issues.
Analysis
Barclays CAPITAL
Download the Barclays Capital analysis June 12, 2001 (.pdf)
Download the CALYON analysis September 2004 (.pdf)
Download the CALYON analysis March 2004 (.pdf)
Download the C.D.C. Marchés credit analysis March 1999 (.pdf)
Download the Crédit Agricole Indosuez analysis April 2002 (.pdf)
Download the Daiwa SMBC analysis June 2006 (.pdf)
Download the Deutsche Bank analysis September 2004 (.pdf)
Dresdner Kleinwort Wasserstein
Download the Dresdner Kleinwort Wasserstein analysis October 5, 2001 (.pdf)
Download the JP Morgan Chase analysis September 7, 2004 (.pdf)
Download the JP Morgan analysis May 3, 1996 (.pdf)
Download the JP Morgan update December 2, 1996 (.pdf)
Download the JP Morgan analysis October 7, 1997 (.pdf)
Download the Landesbank Baden-Württemberg analysis September 2004 (.pdf)
Download the Landesbank Baden-Württemberg analysis in German September 2004 (German version, .pdf)
Download the Natexis Banques Populaires analysis May 2005 (.pdf)
Download the Nomura analysis November 2000 (.pdf)
Download the Nomura analysis in Japanese November 2000 (.pdf)
Download the Nomura analysis October 28, 1997 (.pdf)
Download the Paribas update October 1997 (.pdf)
Download the Paribas analysis November 1996 (.pdf)
Download the SG CAPITAL analysis June 29, 2001 (.pdf)
Ratings
Download the Fitch Ratings analysis June 2006 (.pdf)
Download the Fitch Ratings analysis July 2005 (.pdf)
Download the Fitch Ratings analysis September 2004 (.pdf)
Download the Fitch Ratings analysis May 2003 (.pdf)
Fitch Ratings assigns 'AAA' rating to CADES' EUR 600 million inflation indexed bond June 14, 2002
Download the Moody's analysis september 2008 (.pdf)
Download the Moody's analysis February 2004 (.pdf)
Download the Moody's analysis March 2002 (.pdf)
Download the Standard & Poor's analysis September 2004 (.pdf)
Download the Standard & Poor's analysis January 2004 (.pdf)
© by Standard & Poor's, A Division of The McGraw-Hill Companies, Inc. Reproduced with permission of Standard & Poor's. 2003
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