(The following statement was released by the rating agency)PARIS/LONDON, September 26 (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' and Support Rating at '1'. The Outlook is Stable. At the same time, the agency has affirmed and withdrawn CIFD's Viability Rating (VR) of 'f'. A full list of rating actions, including other group entities, is at the end of this commentary.  KEY RATING DRIVERS - VRCIFD's VR, which was downgraded to 'f' in September 2012, indicates that in Fitch's opinion, the bank would have defaulted if it had not received extraordinary support. The withdrawal of the VR reflects the agency's view that the bank cannot be meaningfully analysed on a standalone basis any longer: it is an institution in run-off, and relies on extraordinary support from the French state - through a guarantee - to meet its financial liabilities.KEY RATING DRIVERS - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBTCIFD Group's IDRs, Support Rating (SR), Support Rating Floor (SRF) and senior debt ratings reflect Fitch's opinion that it is extremely likely the bank will continue to be supported by the French authorities. The French authorities are providing extraordinary support to CIFD in the form of a temporary EUR8bn guarantee of senior debt issues (EUR5.4bn currently utilised). In Fitch's opinion, extraordinary support has been provided in the interests of preserving financial stability in the French banking sector (CIFD is a major issuer of covered bonds). The guarantee has been provided to facilitate an orderly wind down of the bank, which comfortably exceeds regulatory capital requirements (it has not yet suffered any capital erosion as a result of financial losses). Final EC approval for CIFD's state aid is due by end-November 2013 and Fitch's base case is that some form of orderly wind down plan will be approved, given the bank is no longer competing with other banks and in light of precedent. 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 IDRs. 3CIF's Support Rating and SRF reflect its integral role within CIFD and Fitch's opinion that potential state support to the group would flow through 3CIF.The 'A' rating of 3CIF's senior debt reflects Fitch's view that it is currently extremely unlikely that the EC would apply 'burden sharing' to CIFD group's senior creditors, given the negative impact on investor sentiment (and therefore ultimately on bank funding costs) and wider repercussions of such an unprecedented action.RATING SENSITIVITIES - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBTThe IDRs, senior debt ratings, SR and SRF are sensitive to a change in Fitch's assumptions about the ongoing availability of extraordinary sovereign support to the group.  Changes in assumptions could be driven by a change either in the sovereign's ability (for example, triggered by a change in France's sovereign rating) or propensity to provide such support, including in the event of an adverse outcome to the EC state aid approval process. In Fitch's view, there is a clear intention ultimately to reduce implicit state support for banks in the EU, as demonstrated by a series of legislative, regulatory and policy initiatives. On 11 September 2013, Fitch outlined its approach to incorporating support in its bank ratings in light of evolving support dynamics for banks worldwide, including for banks in effective wind down like CIFD group (see "Fitch Outlines Approach for Addressing Support in Bank Ratings" and "Bank Support: Likely Rating Paths", at 
  www.fitchratings.com
 ). The IDRs, senior debt ratings and SR would be downgraded and the SRF revised down if Fitch concluded that potential sovereign support had weakened relative to its previous assessment.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 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'Viability Rating: affirmed at 'f' and withdrawn 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'Contact:Primary AnalystSolena GloaguenDirector+44 20 3530 1126Fitch Ratings Limited30 North ColonnadeLondon E14 5GNSecondary AnalystFrancois-Xavier MarchandAssociate Director+33 1 44 29 91 46Committee ChairpersonFrancesca VasciminnoSenior Director+39 02 87 90 87 225Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: francoise.alos@fitchratings.com; 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 15 August 2012, 'Evaluating Corporate Governance', dated 12 December 2012, and 'Rating Criteria for Banking Structures Backed by Mutual Support Mechanisms', dated 20 December 2012, are 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=686181
 Evaluating Corporate Governance 
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=694649
 Rating Criteria for Banking Structures Backed by Mutual Support Mechanisms 
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695715
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803332
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