S&P Global Ratings downgrades AFL’s rating to A+/A-1, stable outlook

Following S&P Global Ratings’ decision to downgrade France’s sovereign credit rating to A+/A-1 with a stable outlook, AFL, the bank for local governments, announces that its own rating from S&P Global Ratings has been revised from AA-/A-1+ (negative outlook) to A+/A-1 (stable outlook), effective as of October 21, 2025.

This decision does not reflect any deterioration in AFL’s own financial position, which remains solid. The bank’s intrinsic credit profile remains unchanged at “aa-”.

AFL continues to benefit from:
• a robust business model;
• high liquidity;
• prudent financial policies.

Read the press release ✒️