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Our company and our core mission

Société du Grand Paris, a 100 % state owned  company.

  • Created by an Act of parlia ment as an " EPIC "
  • Established by Law No. 2010-597 of 3 June 2010 on Grand Paris and governed by Decree No. 2010-756  of 7 July 2010;
  • A strategic public operator for the Paris city area,  critical for France’s attractiveness;
  • One of France’s major public investor.

Our core mission: created by the State to design, develop and finance the Grand Paris Express project and contribute to the existing network modernisation



Our project: Grand Paris Express

Europe’s biggest ongoing infra  structure project

  • 4 additional metro lines around Paris
  • 100 % automatic -  200 km
  • 68 stations - 90 % underground
  • 2 million passengers everyday
  • 18 million m2 of real estate development opportunities
  • the ambition to become the world’s most digitally advanced metro  (high-speed fiber-optic network, data centers, wi-fi…)

Société du Grand Paris share the COP21 objectives.


Our business model

A global long term financing model secured by dedicated fiscal resources directly allocated  by the State to SGP, completed:

  • During construction, by subsidies (EU…)
  • During operation, by our own resources  (Track Access Charges, revenues from assets…)

Designer and infrastructure owner:  Société du Grand Paris (through the life of the infrastructure)
Maintainer: RATP
Operator: to be selected by Île-de-France Mobilités (through a competitive bidding process)


Our main credit features

A top quality issuer:

  • as an EPIC, not subject to private sector bankruptcy law;
  • a strong support and control from the French state;
  • socially and environmentally responsible. 

 Société du Grand Paris, as a state operator, is subject,  for its management, to the provisions of the decree of November 7, 2012 related to the budgetary management and public accounting

Our financial strategy

A new issuer in the international debt capital markets from money market to long term debt instruments to match its long dated infrastructure asset.

  • Recurrent: up to 30 billion € of debt with expected  annual funding program more than 2 billion €  (per year over the next 5 years);
  • Investors driven: minimum liquidity, gradual euro  credit curve creation completed with tailored made  private placements, investors base and funding diversification, secured risk management policies with no forex exposure…

The first contracts were concluded with the Caisse des Dépôts and the European Investment Bank. Others with take the form of bond issues in the international capital markets (through an EMTN program), completed to manage the day to day  treasury operations, by money market instruments (through  a NeuCP program).


Financing program

Long term program EMTN:

1) Base prospectus

2) Final Terms





3) Supplements EMTN

From july 2018 to july 2019:

From july 2019 to july 2020:

4) Green bonds


Short term program Neu CP:

  • Name of the issuer:  Société du Grand Paris
  • Type of program:  French commercial paper
  • Program size: 3 billion € Guarantor: None
  • Rating of the program: Prime-1 Moody’s
  • Issuing and paying agent: CACEIS
  • Dealers: BNPP, CACIB, Natixis & SG
  • Purpose of the program: General funding requirements
  • Currencies of issue: € and any other currency   authorised

Read the DPF (in french)



Moody's Aa2/Prime-1

« SGP's Aa2/Prime-1 ratings reflect the very strong links with its owner, the Government of France (Aa2 stable), its clear public policy mandate as well as its adequate funding available to face future fixed capital investment needs. »
April 2020

Moody's credit opinion, April 2020
Moody's credit opinion, January 2018
Moody's credit opinion, July 2018

Fitch AA

« Fitch Ratings classifies Société du Grand Paris (SGP) as a government-related entity (GRE) of the state of France (AA/Stable) and equalises its ratings with those of the sovereign. Fitch Ratings has assigned Société du Grand Paris (SGP) Long-Term Local and Foreign Currency Default Ratings (IDR) of "AA" with a Stable Outlook and a Short-Term Foreign Currency IDR of 'F1+'. Fitch has also assigned 'AA'/'F1+' to SGP's EUR5 billion EMTN programme and a 'F1+' rating to SGP's EUR3 billion commercial paper program (Neu CP) »
Avril 2020

Fitch Rating, avril 2020
Fitch Rating, september 2018

Annual reports

2016 :

2017 :

2018 :

2019 :


Press releases




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This presentation should not be construed as a prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC, as amended) nor as an information memorandum within the meaning of Article L. 213-4 of the French Code monétaire  et financier and has not been approved by any competent authority, such as the Autorité des Marchés Financiers or the Banque de France. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall  form the basis of, or be relied upon in connection with, any contract, commitment  or investment decision in relation thereto. This document is not an offer of securities  in the United States. Securities may not be offered or sold in the United States unless they have been registered under the U.S. Securities Act of 1933, as amended, or are subject to an exemption from the registration requirements thereof. It is not intended that any portion of any offering be registered in the United States or that a public offering of securities be conducted in the United States. This document may not be distributed  in the United States, Canada, Australia or Japan.




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