This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations The French intercity of Communaute D?Agglomeration De Cergy-Pontoise (Cergy-Pontoise) benefits from a buoyant industrial sector but displays socioeconomic indicators at levels below those of its French peers. We forecast that the intercity will exercise a tight control on spending to maintain a robust operating budget balance, structurally above 20% of operating revenues over our forecast horizon. Cergy-Pontoise, like other French cities and intercities, benefits from a very predictable and well-balanced institutional framework. Despite posting deficits after capital accounts, the intercity will manage to maintain its tax-supported debt at broadly stable levels through 2027, though its overall debt burden remains elevated. The rating also factors in
