French programmes shrug off rating watch as ECB gears up

Fitch put the AA+ rated covered bond programmes of Caisse Française de Financement Local (Caffil) and Compagnie de Financement Foncier (Coff), and the public sector programme of BNP Paribas, on rating watch negative (RWN) last Friday (October 17), following identical action on the French sovereign earlier in the week.