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.

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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.

Evolution of the financing structure of Urssaf Caisse Nationale in 2006 to 2022

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.

Les notes de l'Urssaf

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
Les notes de l'Urssaf
  Standard & Poor’s
Short-term rating A-1 +
Long-term rating AA
Date of last update 14/02/2023
Les notes de l'Urssaf
  Moody’s
Short-term rating P-1
Long-term rating AA2
Date of last update 05/07/2023
Les notes de l'Urssaf
  Fitch ratings
Short-term rating F1 +
Long-term rating AA-
Date of last update 11/07/2023
Sources

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.

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
Urssaf national fund’s financing activities are also audited on a regular basis.
  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
Urssaf national fund’s financing activities are also audited on a regular basis.
  Audit of liquidity
2021 Finalized in Q1 2022
2022 Finalized in Q1 2023
2023 Scheduled in Q1 2024

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