Investor Information

AFL is Public Development Credit Institution with strong creditworthiness

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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)

20 % RW – PSPP eligible