...Croix-Rouge francaise (French Red Cross)'s (CRF) ratings reflect Fitch Ratings' view that its financial profile is consistent with its `a+' Standalone Credit Profile (SCP). CRF's financial profile is compatible with the lower end of the `aa' category, but its SCP is constrained by the sovereign rating (France, A+/Stable), given its high dependence on the French state and local and regional governments (LRGs) for revenue (estimated at close to 75%). Fitch considers CRF to be a government-related entity (GRE) of France and has `Strong Expectations' that it would receive extraordinary support from the state, if needed. However, this does not affect the rating and CRF's ratings reflect its SCP constrained by the sovereign rating....
