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

PARIS, October 10 (Fitch) Fitch Ratings has assigned the City of Marseille's (A+/Stable/F1) EUR700m euro medium-term notes (EMTN) programme an expected Long term local currency rating of 'A+(EXP)'. The final rating is contingent upon the receipt of final documentation conforming to information already received. KEY RATING DRIVERS The EMTN programme's rating is aligned with Marseille's rating as 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 notes under the programme. Fitch expects the notes issued under the programme to rank equally with Marseille's other unsubordinated obligations. Marseille's ratings reflect its weak socio-economic profile and large stock of debt. These structural challenges are mitigated by a prudent administration, sound operating performance and strong state support due to the city's importance as the second largest French city with its major harbour. RATING SENSITIVITIES Any change in Marseille's rating would be mirrored in the EMTN programme's rating.International Local and Regional Governments Rating CriteriaAdditional Disclosure Solicitation StatusALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.