Investor Information

AFL is Public Development Credit Institution with strong creditworthiness

Investor presentation

Investor Presentation [ENG] - Full Document

Investor Presentation [ENG] - One-Pager

Global Investor Call – AFL is now HQLA 1

Global Investor Call - AFL is now HQLA 1

Why invest in AFL ?

Asset Credit Quality

Only French Local Authorities are allowed to join AFL by law.

They cannot run a budget deficit, and may only borrow to finance their investments.

Their eligibility is subject to an internal AFL scoring model completed by a decree.

Robust Guarantee Structure

Financial creditors benefit from a dual first call guarantee system :

Members Guarantes equal, for each Member, the outstanding amount of its medium and long term credits with AFL.

ST Guarantee : independant first demand guarantee undertaking provided by Société Territoriale (ST)

Strong Financial Ratings

Aa3 (stable)/P-1 (Moody’s)

AA-(stable)/A-1+ (S&P)

HQLA 1*

5-8** % Risk Weighted – Eligible to the Public Sector Purchase Program of the ECB

Estimated 0%** SCR of AFL’s debt securities under the Solvency regulation

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*ACPR annual notice (p. 94)

**Each investor is responsible for making its own assessment of the risk weight treatment

Agence France Locale - Terms governing access to financial information contained in AFL website

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