Fitch Rates City Of Marseille's EMTN Programme 'A+(EXP)'


PARIS, October 10 (Fitch) Fitch Ratings has assigned the City ofMarseille's (A+/Stable/F1) EUR700m euro medium-term notes (EMTN) programmean expected Long term local currency rating of 'A+(EXP)'. The final rating iscontingent upon the receipt of final documentation conforming to information alreadyreceived.KEY RATING DRIVERSThe EMTN programme's rating is aligned with Marseille's ratingas the notes under the programme are expected to constitute senior unsecured,unconditional and unsubordinated liabilities of the issuer.The rating is assigned to the programme and not to the notesunder the programme. Fitch expects the notes issued under the programme torank equally with Marseille's other unsubordinated obligations. Marseille's ratings reflect its weak socio-economic profile andlarge stock of debt. These structural challenges are mitigated by a prudentadministration, sound operating performance and strong state support due to thecity's importance as the second largest French city with its majorharbour.RATING SENSITIVITIESAny change in Marseille's rating would be mirrored in the EMTNprogramme's rating.International Local and Regional Governments Rating CriteriaAdditional Disclosure Solicitation StatusALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS ANDDISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THISLINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION,RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLEON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'SCODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATEFIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLEFROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHERPERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN ANEU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUERON THE FITCH WEBSITE.

View Comments (0)