Press releaseOctober 22, 2025 S&P Global Ratings downgrades AFL’s rating toA+/A-1, stable outlook Following S&P Global Ratings’ decision to downgrade France’s sovereign credit rating to A+/A-1 with a stable outlook, AFL, the bank for local governments, announces that its own rating from S&P Global Ratings has been revised from AA-/A-1+ (negative outlook) to A+/A-1 (stable outlook), effective as of October 21, 2025. AFL’s credit rating as from 21 October 2025 Fitch RatingsS&P Global RatingsLong term ratin ...