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.