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DBRS assigns ratings to French development bank SFIL

DBRS on Sept. 10 assigned France-based SFIL SA long- and short-term issuer ratings of AA (high) and R-1 (high), respectively.

The rating agency also assigned the bank long-term senior debt and short-term debt ratings of AA (high) and R-1 (high). The outlook on all the ratings is stable.

The agency also assigned an SA1 support assessment to SFIL, based on expected support from its owner the French state. SFIL was set up in 2013 and is ultimately owned 100% by the French state, with 75% direct ownership and 25% indirect ownership.

SFIL's ratings also reflect its low-risk profile, strong capitalization, as well as a strong capital ratio, which is driven by the very low-risk weight exposures, DBRS said. The agency considers the bank's earnings power as constrained, reflecting a combination of low margins, the bank's business positioning and mandate in public financing, and its relatively high-cost base.