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
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 +|
|Date of last update||14/02/2023||05/07/2023||11/07/2023|
|Standard & Poor’s|
|Short-term rating||A-1 +|
|Date of last update||14/02/2023|
|Date of last update||05/07/2023|
|Short-term rating||F1 +|
|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|