(The following statement was released by the rating agency)PARIS/LONDON, March 27 (Fitch) Fitch Ratings has affirmed Credit Immobilier de France Developpement (CIFD) group's Long-term Issuer Default Ratings (IDRs) at 'A', Short-Term IDRs at 'F1', Support Rating (SR) at '1' and Support Rating Floor (SRF) at 'A'. The Outlook is Stable. A full list of rating actions is provided at the end of this rating action commentary.The rating action is in conjunction with other actions on support-based ratings taken this week by Fitch in Europe and globally. KEY RATING DRIVERS - IDRs, SR, SRF and Senior DebtCIFD's IDRs, SR, SRF and unguaranteed senior debt ratings reflect the agency's opinion that it is extremely likely that the bank will continue to be supported by the French authorities in order to preserve financial system stability in the French banking sector. Caisse Centrale du Credit Immobilier de France's (3CIF; the group's central financing arm) IDRs, SR, SRF and senior debt rating reflect its integral role within the CIFD group and Fitch's opinion that potential state support to the group would flow through 3CIF.On 27 November 2013, the European Commission (EC) signed off the CIFD group's orderly resolution plan, officially authorising CIFD to receive a global EUR28bn funding guarantee from the French state (of which EUR16bn are in respect of external liabilities). In Fitch's opinion, the state guarantees were extended to allow an orderly resolution of CIFD group and therefore preserve the French financial system's stability. CIFD did not require a capital injection. This differentiates CIFD from many other banks that received state aid during the crisis. Fitch believes it also influenced the overall construct of CIFD's extensive and flexible orderly resolution plan.Fitch expects CIFD group to remain a solvent bank until the end of its orderly resolution plan, and to maintain sound capital ratios, therefore limiting the potential need for a state capital injection (which the bank has not needed so far). This expectation is based on the predictability of its cash flows arising from its assets, essentially in the form of sound housing loans in run-off, and cost-effective interest expenses under the state-guaranteed debt programmes. In addition, CIFD benefits from significant protection in its orderly resolution process, since the additional fee it has to pay to the state for the funding guarantee cannot be paid if the bank's Tier 1 capital ratio falls below 12% after such payment. This brings additional flexibility for the bank and highlights the French state's willingness to allow CIFD group to be wound down in an orderly way.CIFD's Long- and Short-term IDRs apply to the following entities that are part of the group, because of the cross-support mechanism in place between all group entities: nine regional financial subsidiaries (societes financieres regionales), Caisse Centrale du Credit Immobilier de France (3CIF; the group's central financing arm), Banque Patrimoine et Immobilier and Societe pour L'Accession a la Propriete (SOFIAP). The Stable Outlooks on CIFD group's Long-Term IDRs reflects that on France's. RATING SENSITIVITIES - IDRs, SR, SRF and Senior DebtThe IDRs, SR, SRF and unguaranteed senior debt ratings could be downgraded if Fitch assesses there to be a reduction in the likelihood of support continuing to be available to the bank. This could arise, for example, in the event of a material reduction in the French state's ability (for example a sovereign rating downgrade) to provide support to CIFD group. A change in Fitch's assumptions around the ability or propensity of France to continue to provide support to the bank could also put the bank's IDRs, SR, SRF and unguaranteed senior debt ratings under pressure should, for example, Fitch have concerns around the bank's orderly wind down deviating materially from plan. In addition, if any of the group's entities were sold or left CIFD's cross-support mechanism, Fitch would subsequently review the ratings, taking into account the entity's new ownership. RATING DRIVERS AND SENSITIVITIES - Guaranteed debtThe ratings assigned to the securities issued under the state-guaranteed programmes are aligned with France's IDRs. They should move in tandem with those of the French sovereign and are therefore sensitive to any rating action on the French sovereign. The topic of bank resolution is explored in more detail in a Special Report entitled 'Sovereign Support for Banks: Rating Path Expectations' and the support nuances of banks covered in this release are expanded upon in two accompanying Special Reports, 'Rating Paths for EU State-sponsored Banks' and 'Various Support Rating Paths for German Banks', which will all shortly be published on 
  www.fitchratings.com.
 The rating actions are as follows: Credit Immobilier de France Developpement (CIFD) (CIFD group)Long-term IDR: affirmed at 'A'; Stable OutlookShort-term IDR: affirmed at 'F1'Support Rating: affirmed at '1'Support Rating Floor: affirmed at 'A' Caisse Centrale du Credit Immobilier de France (3CIF) (CIFD group)Long-term IDR: affirmed at 'A'; Stable OutlookShort-term IDR: affirmed at 'F1'Support Rating: affirmed at '1'Support Rating Floor: affirmed at 'A'Senior unsecured debt: affirmed at 'A'BMTN Programme: affirmed at 'A'EMTN Programme: Long-term affirmed at 'A' and Short-term affirmed at 'F1'Commercial paper programme: affirmed at 'F1'Certificate of deposit programme: affirmed at 'F1'Guaranteed BMTN programme: affirmed at 'AA+' Guaranteed EMTN programme: Long-term affirmed at 'AA+' and Short-term affirmed at 'F1+'Guaranteed certificate of deposits programme: Affirmed at 'F1+'Guaranteed notes: affirmed at 'AA+' Credit Immobilier de France Bretagne (CIFD group)Credit Immobilier de France Centre-Ouest (CIFD group)Credit Immobilier de France Ile-de-France (CIFD group)Credit Immobilier de France Mediterranee (CIFD group)Credit Immobilier de France Nord (Group CIFD)Credit Immobilier de France Ouest (CIFD group)Credit Immobilier de France Sud-Ouest (CIFD group)Credit Immobilier de France R.A.A. (CIFD group)Credit Immobilier de France Centre Est (CIFD group)Societe Financiere pour L'Accession a La Propriete (CIFD group)Banque Patrimoine et Immobilier (BPI) (CIFD group) Long-term IDR: affirmed at 'A'; Stable OutlookShort-term IDR: affirmed at 'F1'In accordance with Fitch's policies the issuer appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome.Contact:Primary AnalystSolena GloaguenDirector+44 20 3530 1126Fitch Ratings Limited30 North ColonnadeLondon E14 5GNSecondary AnalystFrancois-Xavier MarchandAssociate Director+33 1 44 29 91 46Committee ChairpersonJames LongsdonManaging Director+44 20 3530 1076Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com.Additional information is available at 
  www.fitchratings.com.
 Applicable criteria: 'Global Financial Institutions Rating Criteria', dated 31 January 2014, is available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=732397
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825308
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