(The following statement was released by the rating agency)
Oct 01 - Fitch Ratings has confirmed Compartment CIF Assets 2001-1's senior units at 'AAAsf' with a Stable Outlook.
The rating action follows the decision by Caisse Centrale du Credit Immobilier de France (3CIF; 'A'/Stable/'F1') that CIF Assets waive the provisions pertaining to 3CIF's Short-term and Long-term Issuer Default Rating (IDR), as outlined in the transaction documentation. The scope of this waiver includes triggers relating to 3CIF's role as swap counterparty and liquidity provider, as well as 3CIF's certificate of deposits, which constitute eligible investment for the issuer's cash. The temporary waiver came in force on 10 September 2012 and is expected to remain until the earliest of 28 February 2013 and the implementation of a guarantee by the French state.
The implementation of the temporary waiver occurred as a result of Credit Immobilier de France Developpement's (CIFD, 'A'/Stable/'F1'), 3CIF's parent company, ongoing inability to refinance itself cost effectively in the market. It also follows the public announcement that the French state will provide a guarantee to help CIFD meet its financial obligations. According to the French state, this support requires the approval of the French Parliament and the European Commission, both of which Fitch expects to be forthcoming.
CIFD's Long- and Short-term IDRs were affirmed at 'A' and 'F1', respectively, on 28 September 2012 (see "Fitch Affirms CIFD at 'A'; Downgrades VR to 'f'" at ).
In Fitch's view, 3CIF remains eligible to perform all its roles in the CIF Assets transaction. This view is supported by the affirmation of the bank's IDR, which remains within the rating levels defined as eligible in Fitch's counterparty criteria for 'AAAsf' rated notes. Fitch will continue to monitor the activity surrounding 3CIF in the current context and will review the rating of CIF Assets' class A notes if needed.
CIF Assets was created in April 2001 as a French Fonds Commun de Creances and was transformed into a Fonds Commun de Titrisation (FCT; the French securitisation vehicle) in October 2009. It is managed by EuroTitrisation, which acts as the management company. CIF Assets is used as a recurring refinancing vehicle by 3CIF. Under this transaction, the FCT issues units that are backed by residential loans advanced by CIFD's regional banks and Banque Patrimoine et Immobilier subsidiary ('A'/ Stable /'F1') to French homebuyers.