As part of its activities in issuing debt on international financial markets, Unédic is rated by Fitch Ratings and Moody's based on its ability to honor its financial obligations, including repaying loan principal and paying related interests.
After interviews with the rating agencies in June 2024, Fitch Ratings and Moody's issued their conclusions, reaffirming their confidence in Unédic.
Both agencies have reaffirmed their ratings, despite the downgrade of France's credit rating by Standard & Poor's on May 31.
Fitch Ratings has assigned Unédic an 'AA-' rating. According to the agency, “Unédic will continue to record surpluses in the coming years”, notably “driven by the expected stable unemployment”. Nevertheless, “State levies” lead to “an expected drop of EUR 12 billion in revenue over 2023-2026, as well as an additional EUR 1 billion interest expenditure over the period”. Fitch Ratings' highest rating is 'AAA'.
Moody's has given Unédic an 'Aa2' rating. The agency notes that “Unédic's rating reflects its key role in managing the finances of the French unemployment insurance system. Driven by robust payroll growth and successive reforms to the unemployment insurance system, Unédic will continue to show solid surpluses in the next couple of years, enabling it to reduce the large debt stock accumulated during the pandemic”. Moody's highest rating is 'Aaa'.
These ratings reaffirm the sustainability of the unemployment insurance scheme's debt, reinforcing its ability to serve as an economic and social stabilizer in France.
