Quality and reliability of our programs
Urssaf's status (know as Acoss on the financial markets), its strategic role for the French Social Security system, its forecasting qualities, the sophisticated nature of its cash management and the strong control of the French state on its actions lead the main international agencies to rate it very highly.
Urssaf, benchmark issuer on the money market
Urssaf national fund is a public institution of administrative nature (EPA – établissement public à caractère administrative) created in 1967. Urssaf finances any temporary gaps in cash flow and guarantees the continuity of our social protection system on the money market by way of our ECP and NeuCP issuance programs. These negotiable securities are issued at fixed or variable rates with a maturity of less than one year, in approximately ten foreign currencies or in euros.
How Urssaf national fund’s financing structure has evolved from 2006 to 2022
Evolution of the financing structure of Urssaf Caisse Nationale from 2006 to 2022
In 2006, Urssaf was financed 100% via financing from the Caisse des Dépôts et Consignations.
In 2007, Urssaf was financed at 85% via financing from the Caisse des Dépôts et Consignation and at 13% via the Neu CP market.
In 2008, Urssaf was financed at 87% via financing from the Caisse des Dépôts et Consignation, at 10% via the Neu CP market and 3% via the public sphere.
In 2009, Urssaf was funded 70% via funding from the Caisse des Dépôts et Consignation, 22% via the Neu CP market and 8% via the public sphere.
In 2010, Urssaf was funded 60% via funding from the Caisse des Dépôts et Consignation, 6% via the ECPs, 17% via the Neu CP market and 17% via the public sphere.
In 2011, Urssaf was funded at 42% via funding from the Caisse des Dépôts et Consignation, 19% via the ECPs, 13% via the Neu CP market and 26% via the public sphere.
In 2012, Urssaf was funded at 8% via funding from the Caisse des Dépôts et Consignation, 44% via the ECPs, 17% via the Neu CP market and 31% via the public sphere.
In 2013, Urssaf was funded at 10% via funding from the Caisse des Dépôts et Consignation, 38% via the ECPs, 19% via the Neu CP market and 34% via the public sphere.
In 2014, Urssaf was financed at 18% via financing from the Caisse des Dépôts et Consignation, 40% via the ECPs, 9% via the Neu CP market and 33% via the public sphere.
In 2015, Urssaf was financed at 14% via financing from the Caisse des Dépôts et Consignation, 51% via the ECPs, 14% via the Neu CP market and 21% via the public sphere.
In 2016, Urssaf was financed at 1% via financing from the Caisse des Dépôts et Consignation, 61% via the ECPs, 20% via the Neu CP market and 17% via the public sphere.
In 2017, Urssaf was financed at 2% via financing from the Caisse des Dépôts et Consignation, 74% via the ECPs, 19% via the Neu CP market and 5% via the public sphere.
In 2018, Urssaf was financed at 3% via financing from the Caisse des Dépôts et Consignation, 80% via the ECPs, 14% via the Neu CP market and 4% via the public sphere.
In 2019, Urssaf was financed at 2% via financing from the Caisse des Dépôts et Consignation, 75% via the ECPs, 19% via the Neu CP market and 4% via the public sphere.
In 2020, Urssaf was financed at 10% via financing from the Caisse des Dépôts et Consignation, at 54% via the ECPs, at 22% via the Neu CP market, at 12% via the other Neu CPs and at 2% through the public sphere.
In 2021, Urssaf was financed at 73.8% via the ECPs, 24.5% via the Neu CP markets, 0.9% via the other Neu CPs and 0.9% via the public sphere.
In 2022, Urssaf was financed at 74.9% via the ECPs, 23.1% via the Neu CP markets, 0.2% via the other Neu CPs and 1.7% via the public sphere.
Legally regulated budget and programs
Urssaf national fund is supervised by the French Ministry of Solidarity and Health as well as by the Ministry of the Economy and Finance. It acts under the terms of the French Social Security Code and the Social Security Financing Act (SSFA).The SSFA determines yearly financing needs, i.e. Urssaf national fund’s maximum borrowing amount, for each year. 45 billion in 2023
Rating agency-recognized stability
Urssaf’s short-term security (Neu CP and ECP) issuing programs earn the best ratings granted by Standard & Poors, Moody’s and Fitch Ratings, which assess financial solvency risks. Urssaf national fund has been assigned a long-term rating, linked to that of the French State, since 2018, even though it only issues notes with a maturity of less than a year.
Below are links to the rating agencies’s latest press releases
- 11/07/2023 : The 3 main rating agencies confirm in 2023 the short-term ratings of Urssaf's funding programs
- 05/07/2022: Moody's Credit Opinion Acoss; Aa2; stable; P-1
- 04/07/2022: Fitch Affirms Acoss at 'AA'; Outlook Negative
- 13/04/2022: S&P ‘AA/Stable/A-1+’ Ratings Affirmed : Outlook Stable
- 23/07/2021: Fitch : évaluation "très élevée" sur les quatre facteurs de notation
- 01/07/2021: Moody’s Credit Opinion : update to credit Analysis
- 16/04/2021: S&P ‘AA/Stable/A-1+’ Ratings Affirmed : Outlook Stable
Les notes de l'Urssaf
| Standard & Poor’s | Moody’s | Fitch ratings | |
|---|---|---|---|
| Short-term rating | A-1 + | P-1 | F1 + |
| Long-term rating | AA | AA2 | AA- |
| Date of last update | 14/02/2023 | 05/07/2023 | 11/07/2023 |
| Standard & Poor’s | |
|---|---|
| Short-term rating | A-1 + |
| Long-term rating | AA |
| Date of last update | 14/02/2023 |
| Moody’s | |
|---|---|
| Short-term rating | P-1 |
| Long-term rating | AA2 |
| Date of last update | 05/07/2023 |
| Fitch ratings | |
|---|---|
| Short-term rating | F1 + |
| Long-term rating | AA- |
| Date of last update | 11/07/2023 |
Transfers of debt to Cades
To amortize the French Social security system’s accumulated deficits, Urssaf national fund transfers
debt to Cades (Caisse d’Amortissement de la Dette Sociale / Social Debt Amortization Fund). Cades was created in 1996 for the purpose of amortizing social debt by using long-term refinancing sources on the markets.
The public health crisis required an additional 136 billion € debts transfer to Cades, making payments of the following amounts possible for Urssaf national fund: 16.4 billon € in 2020, 38,7 billon € in 2021, 40 billion € in 2022, and 27,2 billion € in 2023.
Financial documentation and certification
Each year, Urssaf national fund publishes:
- Urssaf national fund’s individual accounts (activities relating to cash flow management and its directly collected revenue);
- The Urssaf networks’ combined accounts (collected revenue, operations relating to cash flow management and general scheme financing, and operating expenditure).
Every year since 2006, Urssaf’s accounts are required to be certified by the french Court of auditors (Cour des Comptes), which publishes a report in June of the year following the fiscal year covered by the report. This certification is an additional guarantee of the accuracy and transparency of Urssaf’s accounts.
Urssaf national fund’s financing activities are also audited on a regular basis.
| Audit ISO 9001 on day-to-day financial decision-making | Audit of liquidity | |
|---|---|---|
| 2021 | Certified in Q1 2022 | Finalized in Q1 2022 |
| 2022 | Certified in Q1 2023 | Finalized in Q1 2023 |
| 2023 | Scheduled in Q4 2024 | Scheduled in Q1 2024 |
| Audit ISO 9001 on day-to-day financial decision-making | |
|---|---|
| 2021 | Certified in Q1 2022 |
| 2022 | Certified in Q1 2023 |
| 2023 | Scheduled in Q4 2024 |
| Audit of liquidity | |
|---|---|
| 2021 | Finalized in Q1 2022 |
| 2022 | Finalized in Q1 2023 |
| 2023 | Scheduled in Q1 2024 |
Our latest press releases
Les 3 principales agences de notation confirment en 2023 les notes court terme des programmes de financement de l'Urssaf
- Communiqué de presse
- Finance
L’Urssaf obtient 2 prix CMD du meilleur émetteur sur le marché monétaire pour ses programmes ECP et Neu CP
- Communiqué de presse
- Finance
Les particuliers employeurs au premier trimestre 2022
- Communiqué de presse
- Finance
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