The operating balance of Cergy-Pontoise, an intercity government on the outskirts of Paris, is set to weaken due to lower transfers from the central government but remain sound in 2025-2026. We anticipate the intercity's financial management to effectively contain expenditure to limit deficits after capital accounts amid low economic growth and lower central government support. While its liquidity position has slightly weakened, Cergy-Pontoise maintains strong access to banks to refinance its moderately increasing debt burden. We affirmed our 'AA-' long-term issuer credit rating on Cergy-Pontoise. The outlook is stable. On Nov. 15, 2024, S&P Global Ratings affirmed its 'AA-' long-term issuer credit rating on the French intercity of Cergy-Pontoise. The outlook remains stable. The stable outlook reflects our expectation that
