Fitch Revises French Department of Val d'Oise's Outlook to Negative; Affirms at 'AA-'

April 24, 2015 4:23 PM

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Department of Val d'Oise - Rating Action Report here PARIS/FRANKFURT, April 24 (Fitch) Fitch Ratings has revised the French Department of Val d'Oise's Outlook to Negative from Stable and affirmed the Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AA-' and the Short-term foreign currency IDR at 'F1+'.

The department's EUR1bn euro medium-term programme and its EUR100m commercial paper programme have been affirmed at 'AA-' and 'F1+'. KEY RATING DRIVERS The Outlook revision reflects Fitch's expectation that the department's budgetary performance and debt metrics will weaken in the medium term. This ...

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